Welcome to our dedicated page for Phillips 66 news (Ticker: PSX), a resource for investors and traders seeking the latest updates and insights on Phillips 66 stock.
Phillips 66 reports news across its integrated downstream energy portfolio, including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Company updates commonly address refining operations, NGL fractionation and LPG export capacity, refined-products logistics, chemical joint venture activity, renewable fuels, retail fuel marketing and completed asset additions such as the Lindsey Oil Refinery assets in the United Kingdom.
Recurring Phillips 66 announcements also cover quarterly results, dividend declarations, capital allocation, credit and liquidity updates, shareholder meetings, investor presentations, board governance and commercial developments tied to pipelines, terminals, storage, processing and fuel supply infrastructure.
Members of the Phillips 66 (NYSE: PSX) Executive Leadership Team will participate in a fireside chat at the BofA Securities Global Energy Conference on Thursday, Nov. 18, 2021, at 3 p.m. EST. They will discuss strategic initiatives to enhance their diversified portfolio, focus on lower-carbon efforts, and ensure shareholder returns. The webcast will be available on the Phillips 66 Investors site, with a replay accessible two hours post-event. As of Sept. 30, 2021, the company had $56 billion in assets.
Phillips 66 (NYSE: PSX) has announced the redemption of its entire outstanding principal amount of $450 million in Floating Rate Senior Notes due December 15, 2021. The redemption will be funded using cash on hand. This action reflects the company's commitment to debt reduction, as they aim to pay down a total of $1.5 billion of debt for 2021. The announcement emphasizes a disciplined approach to capital allocation and a potential return to pre-pandemic debt levels.
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.