Phillips 66 Stock Price, News & Analysis

Phillips 66 (PSX) reported fourth-quarter 2024 earnings of $8 million ($0.01 per share), with an adjusted loss of $61 million (-$0.15 per share). The quarter's performance was impacted by $230 million pre-tax accelerated depreciation related to the Los Angeles Refinery.

Key highlights include returning $1.1 billion to shareholders through dividends and share repurchases, achieving record NGL fractionation and LPG export volumes in Midstream, and record clean product yield in Refining. For full-year 2024, the company reported earnings of $2.1 billion ($4.99 per share) and adjusted earnings of $2.6 billion ($6.15 per share), generating $4.2 billion in operating cash flow.

The company achieved $1.5 billion in run-rate business transformation savings and $500 million in synergy capture from DCP integration. Looking forward, Phillips 66 announced new targets through 2027, including debt reduction to $17 billion and returning over 50% of operating cash flow to shareholders.

Cyclum NextGen Travel Centers has announced a branding agreement with Phillips 66 to use its iconic 76® brand for its next-generation travel centers. The partnership will combine Phillips 66's fuel expertise with Cyclum's zero-carbon energy vision. The travel centers will offer multiple fuel solutions, including 76 Branded Gasoline, 76 Branded Renewable Diesel, hydrogen, compressed natural gas (CNG), and electric vehicle charging.

Cyclum plans to build 400 state-of-the-art travel centers nationwide, providing superior fresh food options and amenities for both motorists and professional drivers. The company has also entered racing with a 76® branded car driven by Kole Raz in the ARCA and Xfinity series for 2025, aiming to enhance brand visibility and engage fleet operators for long-term fuel contracts.

NCR Voyix (NYSE: VYX) has announced the implementation of its AI-powered bulk scanning self-checkout solution, NCR Voyix Halo Checkout, at a Phillips 66 branded Mach 1 station since November 2024. The solution, now available for pre-order across the US, Canada, UK and EU, can simultaneously scan up to 20 products and reduce checkout time by nearly 50%.

The system integrates Everseen's Evershow technology, using cameras and AI for instant product recognition regardless of orientation. Key benefits include enhanced shopping experience through the NCR Voyix Commerce Platform, high accuracy recognition with 'Attendant-Based Learning' capability, an intuitive self-learning model, and improved operational efficiency with advanced monitoring to reduce shrinkage.

The solution is available as a table top offering or an add-on to existing self-checkout systems, allowing retailers to scale based on shopper feedback and store demographics.

EPIC Y-Grade has announced the sale of its natural gas liquids (NGL) business to Phillips 66 (NYSE: PSX) for $2.20 billion in cash, subject to customary adjustments. The transaction includes EPIC's long haul natural gas liquids pipelines and fractionation facilities serving the Permian and Eagle Ford basins.

The company's assets include NGL facilities in Corpus Christi and Sweeny with downstream interconnectivity. CEO Brian Freed highlighted that this transaction validates their team, strategy, and execution. Jeffries and Kirkland & Ellis LLP served as financial and legal advisors, respectively, for the transaction.

Phillips 66 (NYSE:PSX) has announced a definitive agreement to acquire EPIC NGL for $2.2 billion in cash. The acquisition includes EPIC Y-Grade GP, and EPIC Y-Grade, LP, which own natural gas liquids pipelines, fractionation facilities, and distribution systems.

The EPIC NGL assets comprise two fractionators (170 MBD) near Corpus Christi, 350 miles of purity distribution pipelines, and an 885-mile NGL pipeline (175 MBD) connecting Delaware, Midland, and Eagle Ford basins to fractionation complexes and Phillips 66 Sweeny Hub. EPIC NGL is expanding pipeline capacity to 225 MBD with plans for further expansion to 350 MBD. A potential third fractionation facility could increase capacity to 280 MBD.

The transaction is expected to be immediately accretive to earnings per share and will strengthen Phillips 66's position in the downstream energy sector while optimizing its Permian NGL value chain.

Phillips 66 (NYSE: PSX) announced its leadership team's upcoming participation in the Goldman Sachs Energy, CleanTech & Utilities Conference. Chairman and CEO Mark Lashier, along with other executive leaders, will engage in a fireside chat on January 7, 2025, at 10:20 a.m. ET.

The discussion will focus on the company's strategic priorities across segments and its commitment to disciplined capital allocation to enhance shareholder value. The event will be accessible via webcast through the Phillips 66 Investors website, with a replay and transcript available afterward.

Laser Photonics (NASDAQ: LASE) has secured a dual order from Phillips 66, a Fortune 500 oil refiner, for its CleanTech IR-3040 and MarkStar PM-2010 laser systems. The CleanTech IR-3040, a handheld laser cleaning system, will be used for scale removal during pipe and vessel maintenance and surface preparation. The MarkStar PM-2010, a desktop laser marking system, will mark data plates for refinery pressure vessels. Phillips 66 plans to test these technologies at its pioneer site to potentially replace traditional sandblasting processes, aiming to optimize operations, improve safety, and reduce environmental impact.

Phillips 66 (NYSE: PSX) has announced it will host a webcast on Friday, January 31, 2025, at noon ET to discuss its fourth-quarter and full-year 2024 financial results. The financial results will be released earlier on the same day. The webcast will be accessible through the Events and Presentations section of the Phillips 66 Investors website. A replay will be available approximately two hours after the event, followed by a transcript at a later date.

Phillips 66 (NYSE: PSX) has agreed to sell its 25% non-operated equity interest in Gulf Coast Express Pipeline to an ArcLight Capital Partners affiliate for $865 million in pre-tax cash proceeds. This sale exceeds Phillips 66's $3 billion asset divestiture target. The Gulf Coast Express Pipeline is a 500-mile system transporting approximately 2 billion cubic feet of natural gas daily from the Permian Basin to Agua Dulce, Texas. The transaction, valued at 10.6x expected 2025 EBITDA, is set to close in January 2025. Proceeds will support shareholder returns and debt reduction. Post-sale, the pipeline will be jointly owned by Kinder Morgan and ArcLight Capital Partners affiliates.