Phillips 66 Stock Price, News & Analysis

Phillips 66 (NYSE: PSX) announced plans to convert its Alliance Refinery in Belle Chasse, Louisiana, into a terminal facility, expected to be completed in 2022. This decision follows extensive evaluation and considerations about repairing damage from Hurricane Ida. CEO Greg Garland emphasized the refinery's transformation into a midstream asset due to its existing infrastructure and location. The transition will significantly affect approximately 900 employees and contractors, and the company is committed to supporting them through this change. Phillips 66 continues to operate 12 refineries in the U.S. and Europe.

Majed Nachawati has been appointed co-lead counsel for consolidated litigation in California regarding paraquat-based herbicides, including Gramoxone, and their alleged link to Parkinson's disease. The lawsuits target Syngenta and Chemical Co., associated with Chevron (CVX) and Phillips 66 (PSX). Plaintiffs claim exposure has caused serious health issues, prompting the litigation to hold manufacturers accountable. Studies have linked paraquat to the progressive brain disorder, emphasizing the need for transparency in product safety.

Phillips 66 Partners LP (NYSE: PSXP) reported third-quarter 2021 earnings of $242 million or $1.00 per diluted common unit, with cash from operations at $338 million and distributable cash flow of $268 million. Adjusted EBITDA increased to $367 million, up from $337 million in the previous quarter, driven by higher equity earnings from the Bakken and Gray Oak pipelines. On Oct. 19, the board declared a cash distribution of $0.875 per common unit. Additionally, an agreement for Phillips 66 to acquire all publicly held units was announced, expected to close in Q1 2022.

Phillips 66 reported strong third-quarter earnings of $402 million, or $0.91 per share, with adjusted earnings soaring to $1.4 billion, or $3.18 per share. The company generated $2.2 billion in operating cash flow while enhancing Midstream, Chemicals, and Marketing and Specialties divisions. Refining margins improved significantly despite a $1.3 billion impairment from hurricane impacts. The recent acquisition agreement for Phillips 66 Partners is valued at $3.4 billion. Additionally, the company set greenhouse gas emissions reduction targets and expanded its battery supply chain presence through an investment in NOVONIX.

Phillips 66 Partners (NYSE: PSXP) has canceled its webcast set for 2 p.m. EDT on Oct. 29, 2021, where it intended to discuss its third-quarter 2021 financial results. The Partnership will still release its financial results on the same date. Based in Houston, PSXP operates fee-based pipelines and terminals for crude oil and refined products, contributing significantly to its revenue stream.

Phillips 66 will acquire all publicly held common units of Phillips 66 Partners (PSXP) in an all-stock transaction valued at approximately $3.4 billion. Each PSXP unitholder will receive 0.50 shares of PSX common stock for each unit. This merger aims to streamline governance and corporate structure, expected to close in Q1 2022. Greg Garland, CEO of Phillips 66, anticipates that both PSX shareholders and PSXP unitholders will benefit from the combined entities' value creation.

Phillips 66 (NYSE: PSX) has announced an agreement to acquire all publicly held common units of Phillips 66 Partners (NYSE: PSXP) not already owned by it, in an all-stock transaction valued at approximately $3.4 billion. Each PSXP unitholder will receive 0.50 PSX shares for each PSXP common unit. This acquisition aims to simplify corporate governance and is expected to close in the first quarter of 2022. The board of both companies has unanimously approved the transaction, which will position the partnership as a wholly owned subsidiary of Phillips 66.

Phillips 66 Partners LP (NYSE: PSXP) has declared a third-quarter 2021 cash distribution of $0.875 per common unit, translating to $3.50 annually. This distribution will be payable on November 12, 2021, to unitholders of record by October 29, 2021. The company operates primarily in crude oil, refined products, and natural gas pipelines and terminals. It is a master limited partnership formed by Phillips 66, headquartered in Houston.

Phillips 66 (NYSE: PSX) and Plug Power (NASDAQ: PLUG) have signed a memorandum of understanding to collaborate on developing low-carbon hydrogen business opportunities. The partnership aims to scale green hydrogen in industrial sectors and enhance hydrogen fueling for mobility. Plug Power is constructing facilities to produce 500 tons of liquid green hydrogen daily by 2025. The collaboration leverages Phillips 66's extensive energy infrastructure and market presence to accelerate growth in the hydrogen economy.