Phillips 66 Stock Price, News & Analysis

Phillips 66 (NYSE: PSX) reported a first-quarter 2021 loss of $654 million, up from a loss of $539 million in Q4 2020. Excluding special items, the adjusted loss was $509 million, marginally higher than the $507 million loss in the previous quarter. The results were adversely influenced by severe winter storms and the ongoing COVID-19 pandemic. The company paid $394 million in dividends and repaid $500 million of debt during the quarter. Despite challenges, Phillips 66 commenced renewable diesel production and advanced several strategic projects, boasting a liquidity of $6.7 billion.

Phillips 66 (NYSE: PSX) and Southwest Airlines (NYSE: LUV) have signed a memorandum of understanding to promote sustainable aviation fuel (SAF). The partnership aims to enhance public awareness and research, while paving the way for a potential supply agreement related to Phillips 66's Rodeo Renewed project in California. SAF, produced from renewable sources, is designed to meet lower carbon-intensity standards and is compatible with existing aircraft engines. The Rodeo project is expected to generate 800 million gallons of renewable fuel annually upon completion in early 2024.

Southwest Airlines (NYSE: LUV) announced collaborations with Marathon Petroleum (NYSE: MPC) and Phillips 66 (NYSE: PSX) to develop sustainable aviation fuel (SAF). The partnerships aim to promote SAF policies, enhance commercialization, and raise public awareness of SAF benefits. Southwest plans to integrate SAF into its California operations, potentially sourcing from MPC's Martinez Renewable Fuels facility and Phillips 66's Rodeo Renewed facility. These facilities are projected to produce at least 300 million gallons of SAF by 2025, addressing carbon reduction goals while meeting a substantial portion of Southwest's jet fuel demand.

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.