Phillips 66 Stock Price, News & Analysis

Phillips 66 (NYSE: PSX) announced the results of its Exchange Offers to swap Old Notes for New Notes, which expired on May 3, 2022. Notably, holders of the 2.450% Senior Notes due 2024 tendered $276.8 million, representing 92.28%. The consent solicitations have allowed for approved amendments to the indenture governing the Old Notes. The settlement is expected on May 5, 2022, where P66 Co will issue new notes and pay holders cash for exchanged notes. The New Notes will be issued only to eligible holders as stipulated in the Offering Memorandum dated April 6, 2022.

Phillips 66 (NYSE: PSX) will host its 2022 Annual Meeting of Shareholders on May 11, 2022, at 9 a.m. CDT, in a virtual-only format. Shareholders of record by March 15, 2022, can participate using a control number found on their proxy materials. Others may access the meeting as guests. The meeting can be viewed at virtualshareholdermeeting.com/PSX2022. A replay and transcript will be available on the Investors site post-event. For more details, visit phillips66.com/investors.

Phillips 66 (PSX) reported Q1 2022 earnings of $582 million or $1.29 per share, down from $1.3 billion in Q4 2021. Adjusted earnings stood at $595 million. The company generated $1.1 billion in operating cash flow and repaid $1.45 billion in debt in April. CEO Greg Garland expressed optimism for Q2 performance, citing improved results in March. Phillips 66 plans to restart share repurchases and announced a 2050 emissions reduction target. Despite lower earnings, the company continues to invest in strategic projects, including sustainable energy initiatives.

Phillips 66 (NYSE: PSX) announced its intention to resume its share repurchase program in Q2 2022, halted since March 2020 due to the COVID-19 pandemic. The company aims to repurchase up to $2.5 billion of its own shares, enhancing shareholder value. This decision aligns with the company’s strategy to improve cash generation and reduce debt to pre-pandemic levels. The program's execution will depend on market conditions, share pricing, and management discretion.

Phillips 66 (NYSE: PSX) has successfully received the required consents for amendments related to the exchange of seven series of Old Notes issued by Phillips 66 Partners LP for New Notes issued by Phillips 66 Company. The Exchange Offers and Consent Solicitations will expire on May 3, 2022, with settlement expected on May 5, 2022. Notably, withdrawal rights for the Old Notes expired as of April 19, 2022, and the Exchange Offers are only available to qualified institutional buyers and eligible holders. The New Notes have yet to be registered under the Securities Act.

Phillips 66 (NYSE: PSX) announced that Greg Garland will step down as CEO on July 1, after 10 years, remaining as Executive Chairman. Mark Lashier, current President and COO, will succeed him. Since becoming CEO in 2012, Garland has led the company to notable achievements, including $29 billion returned to shareholders and a 17% CAGR in dividends. Lashier, who joined in 2021, aims to build on this success and navigate future challenges in the energy sector.

Phillips 66 (NYSE: PSX) has initiated exchange offers for all validly tendered notes issued by Phillips 66 Partners LP, allowing holders to exchange their notes for new notes issued by its wholly owned subsidiary, Phillips 66 Company. This exchange is part of the recent acquisition of Phillips 66 Partners. The new notes will have the same interest rates and maturities as the old ones. The offers will expire on May 3, 2022, and include a cash premium for early participation. The exchange is limited to eligible holders, as detailed in a confidential offering memorandum.

Phillips 66 (NYSE: PSX) will host a webcast on April 29, 2022, at noon EDT to discuss its first-quarter 2022 financial results and strategic initiatives. The financial results will be released earlier that same day. Investors can access the webcast via the Phillips 66 Investors site, where a replay will be available shortly after the event. The company, headquartered in Houston, manages a diverse portfolio across Midstream, Chemicals, Refining, and Marketing, with assets totaling $56 billion as of December 31, 2021.

TortoiseEcofin announced updates to the Ecofin Global Digital Payments Infrastructure Index for Q1 2022. Notably, QIWI Plc will be removed from the index after the close of trading on March 18, 2022. Other deletions include Yiren Digital Ltd and Boku Inc. Additionally, Wise PLC will be added to the index. The TPAYMENT Index reflects companies involved in digital payments, highlighting the sector's growing importance.