Phillips 66 - PSX STOCK NEWS

Phillips 66 (NYSE: PSX) outlined its strategy to return $10 billion to $12 billion to shareholders by the end of 2024. The company is increasing its share repurchase authorization by $5 billion, bringing the total to $20 billion since 2012. Additionally, it aims to boost adjusted EBITDA by $3 billion in three years and achieve $1 billion in sustainable cost reductions through Business Transformation. Enhancements in Refining operations are also part of the plan.

Phillips 66 (PSX) reported strong third-quarter earnings of $5.4 billion or $11.16 per share, with adjusted earnings of $3.1 billion or $6.46 per share. The company generated $3.1 billion in operating cash flow and returned $1.2 billion to shareholders through dividends and buybacks. Key highlights include increased economic interest in DCP Midstream and the successful start of Sweeny Frac 4, enhancing NGL processing capacity to 550,000 BPD. Phillips 66 aims to update its strategic initiatives at the upcoming investor day on November 9.

Phillips 66 (NYSE: PSX) will hold an investor day on November 9, 2022, at 8:30 a.m. EST in New York. The executive management team will present updates on the company’s strategic initiatives. A live webcast of the meeting will be available on the Phillips 66 Investors website, and an archive of the event will be accessible two hours post-meeting. The company is a diversified energy leader, involved in Midstream, Chemicals, Refining, and Marketing and Specialties businesses, all aimed at providing energy while pursuing a lower-carbon future.

Phillips 66 has launched its ultrafast electric vehicle (EV) charging program at a flagship station in Houston, Texas, marking a significant step in meeting the demand for high-speed EV charging. This initiative features the installation of FreeWire ultrafast chargers, aimed at providing quick charging solutions to consumers. The chargers are the first FreeWire units commissioned in Texas and align with Phillips 66's commitment to sustainability through its Emerging Energy and Sustainability strategy, focusing on renewable fuels and lower-carbon solutions.

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 97 cents per share on common stock. This dividend is payable on December 1, 2022, to shareholders of record as of the close of business on November 17, 2022. Phillips 66 operates in the energy sector, focusing on manufacturing, transportation, and marketing products that support the global economy, with a commitment to sustainability and a lower-carbon future.

Phillips 66 (NYSE: PSX) will host a webcast on Tuesday, Nov. 1, 2022, at noon ET to discuss its third-quarter 2022 financial results. These results will be shared earlier that day. Investors can access the webcast through the Events and Presentations section on the Phillips 66 Investors site. A replay and transcript of the event will be available post-webcast.

Phillips 66 (NYSE: PSX) announced a non-binding proposal to acquire all publicly held common units of DCP Midstream for $34.75 per unit. This acquisition aims to merge DCP Midstream with an indirect subsidiary of Phillips 66, making DCP the surviving entity. The proposal is contingent on negotiating a definitive agreement and receiving board approvals. Existing financial advisors include Barclays Capital Inc. and Bracewell LLP. Approval for the deal is not guaranteed, and customary closing conditions will apply.

Phillips 66 (NYSE: PSX) announced a strategic realignment of its joint ventures with DCP Midstream (NYSE: DCP) on August 17, 2022. The company increased its economic interest in DCP Midstream from 28.26% to 43.31%, while reducing its stake in Gray Oak Pipeline from 42.25% to 6.50%. Phillips 66 contributed approximately $400 million in cash as part of the transaction, which is expected to enhance earnings. This move aims to strengthen its integrated NGL business and improve operational synergies.

Phillips 66 (NYSE: PSX) announces a binding expansion open season for its Seminoe Pipeline system, seeking shipper commitments for refined product transportation from Billings, Montana, to Casper, Wyoming. The expansion will add 5,800 barrels per day of takeaway capacity, expected to be operational by Q2 2023. The open season begins at 8 a.m. CDT on August 12, 2022. Interested parties need a confidentiality agreement to access the documentation. This initiative aims to enhance infrastructure for refined products, supporting Phillips 66's growth strategy.