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.
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.
The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 92 cents per share, marking a 2% increase. This dividend will be payable on December 1, 2021, to shareholders of record as of November 17, 2021. The company also repaid $500 million of its borrowings under a term loan agreement. Chairman and CEO Greg Garland highlighted their commitment to shareholder returns, noting a total of 10 dividend increases since 2012 and a 18% compound annual growth rate in dividends, alongside a $1 billion reduction in debt this year.
Phillips 66 (NYSE: PSX) announced plans to reduce greenhouse gas emissions intensity by 30% for Scope 1 and Scope 2 emissions and 15% for Scope 3 emissions by 2030, using 2019 levels as a baseline. The Chairman and CEO, Greg Garland, highlighted that these targets aim to drive innovation and create shareholder value while aligning with the Paris Agreement's ambitions. The company will enhance energy efficiency, increase renewable fuel production, and implement carbon capture technologies, all while maintaining a disciplined approach to capital allocation.
Phillips 66 Partners (NYSE: PSXP) will hold a webcast at 2 p.m. EDT on Friday, Oct. 29 to discuss its third-quarter 2021 financial results and operational updates. The results will be released earlier that day. Investors can access the webcast through the Events and Presentations section of the Phillips 66 Partners Investors site, with a replay available two hours post-event. Headquartered in Houston, Phillips 66 Partners focuses on owning and operating midstream assets, including pipelines and terminals.
Phillips 66 (NYSE: PSX) will host a webcast at noon EDT on Friday, Oct. 29, to discuss its third-quarter 2021 financial results. The results will be released earlier that day, along with updates on strategic initiatives. The webcast can be accessed via the Phillips 66 Investors site, with a replay available shortly after the event.
As of June 30, 2021, Phillips 66 managed $57 billion in assets and employs over 14,000 individuals globally.
Phillips 66 (NYSE: PSX) has announced an additional $500,000 contribution to the American Red Cross for Hurricane Ida relief, bringing its total donation to $1 million. The Category 4 hurricane severely impacted the Northeast, especially location value="LS/us.la"Louisiana. All Phillips 66 employees in affected areas are safe. The company supports recovery efforts while maintaining a commitment to safety and operational excellence.
Phillips 66 (NYSE: PSX) announced a $500,000 contribution to the American Red Cross to aid Hurricane Ida relief efforts in southeastern Louisiana. The hurricane, which struck on August 29, caused widespread devastation and power outages. All of Phillips 66's nearly 500 employees in the affected area are confirmed safe. The American Red Cross expressed gratitude for the support, highlighting its importance in providing shelter and assistance to thousands impacted by the disaster. Phillips 66, based in Houston, operates across energy sectors with $57 billion in assets as of June 30, 2021.
Phillips 66 (NYSE: PSX) has announced its agreement to acquire a 16% stake in NOVONIX Limited (ASX: NVX, OTC: NVNXF) for US$150 million. This investment aims to bolster the U.S. battery supply chain and supports NOVONIX’s capacity expansion to produce synthetic graphite, crucial for lithium-ion batteries. The deal involves Phillips 66 subscribing to 77,962,578 ordinary shares and will allow them to nominate one director on NOVONIX's Board. The investment aligns with Phillips 66’s commitment to lower-carbon solutions and is subject to NOVONIX shareholders' approval.
Phillips 66 is enhancing its advanced analytics capabilities through an investment in Seeq, a software developer for process manufacturing data analytics. This marks the first investment from Phillips 66's Digital Ventures team, part of the AdvantEdge66 program aimed at digital transformation. Zhanna Golodryga, Chief Digital Officer, highlighted the potential of data to drive innovation and improve products. Seeq, based in Seattle, offers Industrial Internet of Things applications to visualize and analyze manufacturing data, helping stakeholders optimize operations and outcomes.
Phillips 66 (PSX) reported a second-quarter 2021 profit of $296 million, a notable recovery from a $654 million loss in Q1 2021. Adjusted earnings totaled $329 million, contrasting sharply with an adjusted loss of $509 million in the previous quarter. The uptick was driven by strong demand post-winter storms, particularly in the Chemicals segment, which saw adjusted pre-tax income rise to $657 million. However, Refining continued to struggle with a pre-tax loss of $706 million. The company remains committed to lower-carbon initiatives and returned $394 million in dividends to shareholders.