Phillips 66 Stock Price, News & Analysis

Phillips 66 (NYSE: PSX) has announced that Chairman and CEO Mark Lashier will participate in a fireside chat at the Piper Sandler 25th Annual Energy Conference on Tuesday, March 18, 2025, at 1:50 p.m. ET.

During the presentation, Lashier will outline the company's strategic priorities across its segments, focusing on delivering shareholder value and maintaining disciplined capital allocation. The event will be accessible via webcast through the Events and Presentations section of Phillips 66's Investors website at phillips66.com/investors. A replay will be available the following day, with a transcript to be released at a later date.

Elliott Investment Management, managing funds with over $2.5B investment in Phillips 66 (PSX), has nominated seven independent candidates for the company's Board election at the 2025 Annual Meeting. The move aims to address Phillips' underperformance through portfolio simplification, operating review, and enhanced oversight.

The nominees include former executives from major energy companies: Brian Coffman (ex-CEO Motiva), Sigmund Cornelius (former CFO ConocoPhillips), Michael Heim (former COO Targa Resources), Alan Hirshberg (former EVP ConocoPhillips), Gillian Hobson (former M&A Partner), Stacy Nieuwoudt (former Energy Analyst), and John Pike (Elliott Partner).

Elliott, holding a 5.5% economic interest in Phillips 66, has also submitted a proposal for annual director elections through a corporate governance policy, addressing the previous failed attempts to declassify the Board due to the 80% supermajority threshold requirement.

Phillips 66 (NYSE: PSX) has announced its quarterly dividend declaration. The company's board of directors has declared a quarterly dividend of $1.15 per share on common stock. The dividend will be payable on March 5, 2025, to shareholders who are on record as of the close of business on February 24, 2025.

Elliott Investment Management, which holds a $2.5 billion stake in Phillips 66 (PSX), has sent a critical letter to the company's Board highlighting significant underperformance and demanding urgent changes. The letter points out that Phillips' total shareholder returns have lagged behind peers Valero Energy by 138% and Marathon Petroleum by 188% over the past decade.

Elliott's 'Streamline66' plan proposes three key initiatives: Portfolio Simplification (including sale/spinoff of Midstream business, sale of CPChem interests, and European retail operations), Operating Review (commitment to ambitious refining targets), and Enhanced Oversight (addition of new independent directors).

The letter criticizes Phillips' conglomerate structure, poor operating performance (trailing Valero by $4.75 per barrel in Q4), and damaged credibility with investors. Elliott values the Midstream business at potentially over $40 billion and advocates for its separation to unlock shareholder value.

ArcLight Capital Partners has completed the acquisition of a 25% equity interest in Gulf Coast Express Pipeline (GCX) from Phillips 66 for $865 million. GCX will now be jointly owned by Kinder Morgan (NYSE: KMI) and ArcLight affiliates, with KMI continuing operations.

GCX is a 500-mile natural gas pipeline with approximately 2 Bcf/d capacity, supported by long-term committed contracts. The pipeline provides critical gas takeaway service from the Permian Basin to US Gulf Coast markets, including LNG export facilities in South Texas.

ArcLight, which has managed over 47,000 miles of electric and gas transmission since 2001, views this acquisition as strategic positioning for growing power demand needs, particularly related to AI and data center infrastructure. The company sees GCX as well-positioned to benefit from increasing Permian production and long-term LNG, power, and industrial demand growth.

Renegade Infrastructure has announced securing an inaugural equity capital commitment from Energy Spectrum Partners VIII LP. The Houston-based company, established in late 2024, focuses on developing and acquiring midstream energy infrastructure across North America's Lower 48. Drew Ward, Renegade's Founder & CEO, previously led the successful sale of Pinnacle Midstream II to Phillips 66 (NYSE: PSX) in July 2024.

The executive team includes Partner & CFO Jason Tanous, who brings 18 years of industry experience and previously served at Pinnacle Midstream I & II. J. Greg Sargent, Founder and CEO of the Pinnacle Midstream franchises, has been appointed as Senior Advisor to the Renegade Board of Managers. This marks the second partnership between Ward, Tanous, and Energy Spectrum Capital.

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.