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 (NYSE: PSX) generates a steady flow of news across refining, midstream, chemicals, marketing and renewable fuels. As an integrated downstream energy provider headquartered in Houston, Texas, the company frequently issues updates on capital projects, portfolio changes, financial results and strategic partnerships that shape its role in supplying fuels and petrochemical products.
News about Phillips 66 often covers refining and marketing developments, such as investments at the Humber Refinery in North Lincolnshire and changes in its European retail marketing footprint. For example, the company announced the sale of a 65% interest in its Germany and Austria retail marketing business while retaining a non‑operated stake, and its UK subsidiary Phillips 66 Limited agreed to acquire Lindsey Oil Refinery assets to integrate key facilities into the Humber Refinery.
Investors and industry followers can also expect midstream and pipeline project updates, including announcements related to the Western Gateway refined products pipeline being developed with Kinder Morgan. These stories highlight how Phillips 66 connects midcontinent refinery supply to markets in Arizona, California and Nevada.
Regular earnings releases and capital budget announcements provide insight into segment performance, capital allocation between sustaining and growth projects, and progress on NGL wellhead‑to‑market initiatives, refining optimization and renewable fuels investments. Additional news items may feature branding collaborations, such as 76 Renewable Diesel promotions, and participation in industry conferences.
This news page allows readers to follow the latest press releases, project milestones and financial disclosures related to PSX. For anyone tracking downstream energy, refined products logistics, petrochemicals or renewable fuels, the Phillips 66 news feed offers a focused view of how the company manages its portfolio and invests in both traditional and lower‑carbon energy.
Phillips 66 (NYSE: PSX) has filed preliminary proxy materials for its 2025 Annual Meeting, announcing significant board nominations and governance changes. The company nominates four directors, including two new candidates: A. Nigel Hearne, a 35-year energy industry veteran with refining operations expertise, and Howard I. Ungerleider, a former President and CFO with extensive chemicals experience.
The board also nominates John E. Lowe, a strategic leader with 40+ years in midstream, refining, and chemicals, and Robert Pease, a director identified in partnership with Elliott Investment Management. The company plans to seek shareholder approval for board declassification, a proposal previously presented five times over the past decade.
The board unanimously recommends shareholders use the WHITE proxy card to vote FOR their four nominees and AGAINST Elliott's proposal regarding annual director resignations. The company emphasizes its commitment to maximizing long-term shareholder value through operational excellence and effective capital allocation across its integrated downstream business.
Elliott Investment Management, managing funds with over $2.5 billion investment in Phillips 66 (NYSE: PSX), has filed a lawsuit in Delaware Chancery Court against Phillips 66 and its Board. The legal action seeks to ensure four board seats are up for election at Phillips' 2025 Annual Meeting.
The dispute arose after Phillips announced that two directors from the 2025 class wouldn't seek reelection and the board size would be reduced from 14 to 12 directors. Elliott argues this violates company governance requiring equalized director classes. Elliott, holding a 5.7% economic interest in Phillips 66, has proposed seven director candidates and will finalize its slate for the Annual Meeting.
Elliott states it will withdraw the complaint if Phillips confirms four director seats will be up for election. The investment firm currently holds 19,900,000 shares, including 15,725,000 direct shares and 4,175,000 shares through derivative agreements.
Renegade Infrastructure has announced a new equity capital commitment from management and 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.
The company is led by Founder & CEO Drew Ward, who previously co-led Pinnacle Midstream II's successful sale to Phillips 66 in July 2024. Ward brings 17 years of industry experience, joined by Partner & CFO Jason Tanous, who served in the same role at Pinnacle Midstream I & II. J. Greg Sargent, Founder and CEO of Pinnacle Midstream franchises, will serve as Senior Advisor to Renegade's Board of Managers.
The partnership marks the second collaboration between Ward and Energy Spectrum, with Renegade pursuing acquisition opportunities, organic greenfield projects, and strategic producer partnerships.
Phillips 66 (NYSE:PSX) has issued a letter to shareholders addressing Elliott Investment Management's nomination of seven directors for the 2025 Annual Meeting. The company highlights its achievements since 2022, including total shareholder returns of 65% under CEO Mark Lashier's leadership and returning $13.6 billion to shareholders through dividends and buybacks.
Key accomplishments include reducing refining costs by $1 per barrel, capturing $500 million in DCP Midstream acquisition synergies, and completing $3 billion in non-core asset divestitures. The company maintains strong credit ratings (A3/BBB+) and has achieved $1.2 billion in cost reductions.
Phillips 66 plans to cease operations at its Los Angeles Refinery in Q4 2025 and commits to returning over 50% of net operating cash flow to shareholders during 2025-2027. The board will propose declassification at the 2025 Annual Meeting and has recently added two new independent directors, including Bob Pease, identified in partnership with Elliott.
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.