Phillips 66 Stock Price, News & Analysis

Phillips 66 (PSX) reported a strong second-quarter 2022, with earnings of $3.2 billion or $6.53 per share, significantly up from $582 million in Q1. Adjusted earnings reached $3.3 billion, reflecting robust market conditions and increased operational performance. The company generated $1.8 billion in operating cash flow, repaid $1.5 billion of debt, and returned $533 million to shareholders. The refining segment showed remarkable growth, with adjusted pre-tax income jumping to $3.1 billion, driven by higher margins. Phillips 66 continues to emphasize sustainable projects, including the Rodeo Renewed initiative.

Phillips 66 (NYSE: PSX) and H2 Energy Europe have formed a 50-50 joint venture, JET H2 Energy, to develop a network of hydrogen refueling stations in Germany, Austria, and Denmark. The venture aims to establish approximately 250 hydrogen stations by 2026, utilizing both existing JET branded retail locations and new sites. The initiative focuses on offering green hydrogen as a zero-carbon fuel solution, benefiting from Phillips 66's retail presence and H2 Energy's hydrogen expertise. The partnership also anticipates government funding to support the network's establishment.

The board of directors of Phillips 66 (NYSE: PSX) has appointed Mark E. Lashier as CEO and member of the Executive Committee, alongside new independent director Gregory J. Hayes. These appointments, effective July 12, 2022, expand the board to 13 members, with 11 being independent. Lashier brings over 30 years of energy experience, previously leading ChevronPhillips Chemical and rising through the ranks at Phillips. Hayes, CEO of Raytheon Technologies, will serve on key governance committees.

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 97 cents per share on its common stock. This dividend will be paid on September 1, 2022, to shareholders of record as of the close of business on August 18, 2022. As a diversified energy company with businesses in Midstream, Chemicals, Refining, and Marketing, Phillips 66 is committed to safely providing energy and pursuing a lower-carbon future.

Phillips 66 (NYSE: PSX) will host a webcast at noon EDT on July 29, 2022, to discuss its second-quarter 2022 financial results, set to be released earlier that day. The event will provide an update on strategic initiatives as well. Investors can access the webcast through the Events and Presentations section on the company’s investor website. A replay will be available two hours after the event, with a transcript to follow later. Phillips 66 is a diversified energy company involved in various sectors, including Midstream, Chemicals, Refining, and Marketing.

Phillips 66 (NYSE: PSX) will participate in a fireside chat at the J.P. Morgan Energy, Power & Renewables Conference on Wednesday, June 22, 2022, at 9:50 a.m. EDT. The company's Executive Leadership Team will discuss strategic initiatives and its commitment to disciplined capital allocation. Interested parties can access the webcast on the Phillips 66 Investors site, with a replay available the following day and a transcript released later.

Phillips 66 (NYSE: PSX) has partnered with FreeWire Technologies to launch its first electric vehicle (EV) charging program in the U.S. The initiative supports the companies' commitment to lower-carbon solutions and involves deploying FreeWire's ultrafast, battery-integrated charging technology at Phillips 66's fueling stations. With around 7,000 U.S. sites, the collaboration aims to enhance EV charging speed and accessibility, catering to the growing demand for electric fueling. FreeWire recently raised $125 million to further its operations, showcasing its leadership in EV charging solutions.

Phillips 66 has finalized its plans for the Rodeo Renewed project, transforming its Rodeo, California refinery into one of the world's largest renewable fuels facilities. The project, with an investment of approximately $850 million, aims to start operations in Q1 2024. It will produce renewable diesel, gasoline, and sustainable aviation fuel, reducing carbon emissions by about 65% and creating 500 construction jobs, while preserving over 650 jobs. This initiative supports California's climate goals and signifies a strategic shift towards sustainable energy production.