Phillips 66 Stock Price, News & Analysis

Phillips 66 (NYSE: PSX) has announced a strategic investment in a new soybean-processing plant in Iowa, providing the company with a minority stake in Shell Rock Soy Processing. The facility is expected to produce around 4,000 barrels per day of soybean oil, which Phillips 66 will purchase entirely for its renewable fuels projects. This move is part of the company’s broader strategy to enhance its renewable diesel capabilities, including plans to convert its Rodeo Refinery into one of the largest renewable fuels facilities globally, projected to complete in early 2024.

Trial lawyers have requested the consolidation of lawsuits from Parkinson's disease patients linked to paraquat herbicides into a single federal case. With over 20 lawsuits filed, this multidistrict litigation (MDL) aims to enhance efficiency and expedite justice for affected individuals. The lawsuits involve companies like Syngenta and Chevron Phillips Chemical Co., both accused of causing harm from paraquat exposure. Notably, paraquat has been associated with severe health risks and is banned in over 50 countries due to its dangers.

Phillips 66 (NYSE: PSX) has released preliminary financial information for Q1 2021, citing adverse impacts from severe winter storms and ongoing COVID-19 issues. The storms led to lower asset utilization and increased utility costs in several segments, particularly Midstream and Chemicals. The company plans to recognize an impairment related to the exit from the Liberty Pipeline project, estimating a net loss between $865 million and $680 million. Adjusted net loss is forecasted between $700 million and $550 million, influenced by these disruptions.

Phillips 66 (NYSE: PSX) will host a webcast on April 30 at noon EDT to discuss its first-quarter 2021 financial results, released earlier that day. The event will also cover updates on the company's strategic initiatives. Investors can join the webcast via the Events and Presentations section of the Phillips 66 Investors site. A replay will be available two hours post-event, with a transcript to follow later. Phillips 66 operates in the energy sector with diverse operations in Midstream, Chemicals, Refining, and Marketing.

Phillips 66 (NYSE: PSX) will have CEO Greg Garland speak at two virtual investor conferences. The first is the Simmons Energy 21st Annual Energy Conference on March 22, 2021, at 2:30 p.m. EDT, followed by the Scotia Howard Weil Energy Conference on March 23, 2021, at 2 p.m. EDT. Garland's discussions will focus on value creation in the changing energy landscape and the company’s strategic initiatives, including capital allocation. Webcast access is available on the Phillips 66 Investors site, with replays and transcripts to follow.

Phillips 66 (NYSE: PSX) has released its inaugural Human Capital Management Report, showcasing its commitment to a high-performing organization as it navigates workforce challenges. The report features workforce metrics, insights into employee experience, and the company culture that supports approximately 14,300 employees. Chairman and CEO Greg Garland highlights the company's adaptability during the challenges of 2020, emphasizing innovation and collaboration. Topics covered include human capital management strategies, diversity efforts, and employee benefits.

Phillips 66 has launched its innovative e-Shield product line, specifically tailored for electric vehicles (EVs). This new range includes system fluids, greases, and coolants that enhance EV performance and protection. Utilizing advanced proprietary formulations, e-Shield extends driving range and improves thermal management. Proven technology used by major OEMs demonstrates e-Shield's superiority over competitors. This launch underscores Phillips 66's commitment to sustainability and the energy transition, as it also supports lithium-ion battery production.

Phillips 66 (NYSE: PSX) is donating $450,000 towards winter storm relief in Houston, allocating $250,000 to the Harris County Winter Storm Relief Fund and $200,000 to the Houston Food Bank. The Houston Harris County Winter Storm Relief Fund aids nonprofits focused on recovery efforts, while the Food Bank, which served over 104,000 households in January alone, will use the donation to provide 600,000 meals. This initiative supports community members impacted by both the recent storm and ongoing pandemic hardships.

Phillips 66 (NYSE: PSX) has named Mark Lashier as its new President and Chief Operating Officer, effective April 1. Lashier brings over 30 years of energy industry experience, previously serving as CEO of Chevron Phillips Chemical Company since 2017. His role will encompass operational execution across Phillips 66’s businesses, including Refining, Midstream, and Marketing & Specialties. Chairman Greg Garland emphasized Lashier's proven track record in driving growth and sustainable practices, allowing Garland to focus on strategic direction and stakeholder engagement.