Welcome to our dedicated page for Phillips 66 news (Ticker: PSX), a resource for investors and traders seeking the latest updates and insights on Phillips 66 stock.
Phillips 66 reports news across its integrated downstream energy portfolio, including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Company updates commonly address refining operations, NGL fractionation and LPG export capacity, refined-products logistics, chemical joint venture activity, renewable fuels, retail fuel marketing and completed asset additions such as the Lindsey Oil Refinery assets in the United Kingdom.
Recurring Phillips 66 announcements also cover quarterly results, dividend declarations, capital allocation, credit and liquidity updates, shareholder meetings, investor presentations, board governance and commercial developments tied to pipelines, terminals, storage, processing and fuel supply infrastructure.
Phillips 66 (NYSE: PSX) has announced a quarterly dividend of $1.15 per share on its common stock. The dividend is set to be paid on September 3, 2024, to shareholders who are recorded as of August 20, 2024. This announcement underscores the company's ongoing commitment to returning value to its shareholders.
Phillips 66 (NYSE: PSX) announced the full conversion of the Rodeo Renewable Energy Complex, boosting its renewable fuel production to approximately 50,000 barrels per day (BPD) or 800 million gallons per year. This milestone, reached by the second quarter of 2024, underscores the company's efforts in energy transition and commitment to lower-carbon solutions. The Rodeo facility produces renewable diesel and sustainable aviation fuel (SAF) using feedstocks like used cooking oil and vegetable oils. This development supports the rising demand for renewable fuels and aims to create long-term value for shareholders.
Phillips 66 (NYSE: PSX) has published its 2024 Sustainability and People Report, combining sustainability and human capital management disclosures for the first time. The report highlights the company's efforts in supplying global energy needs while reducing emissions. Key achievements include the transition of its San Francisco Refinery into the Rodeo Renewable Energy Complex and progress in meeting greenhouse gas (GHG) emission reduction targets. Additionally, the report emphasizes investing in employee development and fostering innovation. Phillips 66 has been transparent in its sustainability practices since its inception in 2012.
Phillips 66 (NYSE: PSX) announced the sale of its 25% non-operated common equity interest in Rockies Express Pipeline (REX) to Tallgrass Energy subsidiary for an enterprise value of $1.275 billion.
This transaction will generate pre-tax cash proceeds of $685 million for Phillips 66 after adjustments. The sale is a part of the company’s initiative to deliver over $3 billion in asset divestitures.
The proceeds will support Phillips 66's strategic priorities, including returns to shareholders. The transaction, expected to close today, will result in Tallgrass Energy owning 100% of REX.
Phillips 66 (NYSE: PSX) will release its second-quarter 2024 financial results on July 30, 2024. The company will host a webcast at noon ET the same day to discuss these results, accessible through the Phillips 66 Investors site. A replay will be available two hours after the event, and a transcript will be provided later.
Phillips 66 announces the launch of a binding open season for shipper commitments on its Blue Line System. The system, operated by Phillips 66 Pipeline, will transport propane and butane from Wichita, Kansas, to Jefferson City, Missouri, and East St. Louis, Illinois. The open season starts on June 7, 2024, and will remain open until July 6, 2024. The transportation services are expected to commence in the winter season of 2024, pending FERC approval. Interested parties must sign a confidentiality agreement to participate.
Phillips 66 (NYSE: PSX) announced that Mark Lashier, chairman and CEO, will participate in a fireside chat at the J.P. Morgan 2024 Energy, Power & Renewables Conference on June 18, 2024, at 10:55 a.m. ET. Alongside Lashier, Kevin Mitchell, executive vice president and CFO, and Jeff Dietert, vice president of Investor Relations, will attend. The discussion will cover the company's strategic priorities and commitment to disciplined capital allocation. The event will be webcast live, with a replay and transcript available later on the Phillips 66 Investors site.
Phillips 66 (NYSE: PSX) announced it will acquire Pinnacle Midland Parent from Energy Spectrum Capital for $550 million. This move aims to expand Phillips 66's natural gas gathering and processing capabilities in the Midland Basin. Pinnacle's assets include the Dos Picos natural gas system, featuring a 220 MMcf/d gas processing plant, 80 miles of pipeline, and 50,000 dedicated acres. The acquisition aligns with Phillips 66's strategy to enhance its midstream business, integrate its asset portfolio, and create sustainable value for shareholders. The deal is expected to close by mid-2024, pending customary closing conditions and regulatory approvals.
Phillips 66 (NYSE: PSX) will host its 2024 Annual Meeting of Shareholders on May 15, 2024, in a virtual-only format. Shareholders can access the meeting online with a control number. A replay and transcript will be available post-meeting.
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