Phillips 66 Stock Price, News & Analysis

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.

Phillips 66 (NYSE: PSX) has partnered with Faradion to advance sodium-ion battery technology by developing innovative, cost-effective anode materials. This collaboration leverages Phillips 66's expertise in specialty carbon and Faradion's sodium-ion advancements, aiming to enhance performance while utilizing sustainable materials. Sodium-ion batteries present safer, more stable alternatives, avoiding costly materials like cobalt and lithium. This agreement underscores Phillips 66's commitment to energy innovation amidst a growing demand for sustainable technologies.

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 90 cents per share on its common stock. This dividend will be payable on March 1, 2021, to shareholders of record as of the close of business on February 22, 2021. Phillips 66 is a diversified energy manufacturing and logistics company with a robust portfolio in midstream, chemicals, refining, and marketing.

Phillips 66 (NYSE: PSX) reported a Q4 2020 loss of $539 million, a significant improvement from a $799 million loss in Q3 2020. Adjusted for special items, the loss was $507 million versus a $1 million loss in Q3. Notable highlights included a recovery in Midstream segment income to $223 million and record polyethylene sales through CPChem. However, Refining continued to perform poorly with a $1.1 billion pre-tax loss. The company maintains strong liquidity of $7.8 billion and emphasizes discipline in capital allocation while pursuing growth in renewable energy.

Phillips 66 (NYSE: PSX) has secured a $3 million grant from the U.S. Department of Energy for the advancement of high-performance reversible solid oxide fuel cells (RSOFCs). The company will collaborate with Georgia Tech to assess the commercial viability of a cost-effective RSOFC system aimed at generating hydrogen and electricity efficiently. With significant progress in solid oxide fuel cell technology, Phillips 66 holds eight U.S. patents and 22 pending applications. This initiative aligns with the company’s commitment to a sustainable energy future.

Phillips 66 (NYSE: PSX) Chairman and CEO Greg Garland will address investors at the Goldman Sachs Global Energy Conference on January 7, 2021, at 12:45 p.m. EST. He will focus on value creation within the changing energy landscape and will share updates on the company's strategic initiatives, emphasizing disciplined capital allocation. Investors can access the live webcast through the Phillips 66 Investors site, where a replay and transcript will also be available afterwards.

Phillips 66 (NYSE: PSX) will host a conference call webcast at noon EST on January 29 to discuss its fourth-quarter 2020 financial results and update its strategic initiatives. The financial results will be released earlier that day. Investors can access the webcast through the Phillips 66 Investors site, where a replay and transcript will be available post-call. Phillips 66 operates in various sectors, including Midstream, Chemicals, Refining, and Marketing, with assets totaling $54 billion as of September 30, 2020.

Phillips 66 (PSX) has announced a 2021 capital budget of $1.7 billion, emphasizing financial flexibility and disciplined capital allocation. Key investments include $610 million in Midstream and $521 million for Refining, aimed at enhancing asset integrity and environmental sustainability. The budget supports projects like the Sweeny Frac 4 and a major renewable fuels facility in California, expected to produce over 50,000 barrels per day by early 2024. The company's strategy is focused on long-term value creation and maintaining a competitive dividend amid challenging market conditions.