Post Tagged with: "Phillips 66"

Refiner Phillips 66 posts smaller-than-expected loss on higher retail margins

Refiner Phillips 66 posts smaller-than-expected loss on higher retail margins

Reuters


Phillips 66 posted a smaller-than-expected loss on Friday as the refiner’s retail marketing business, which buys and resells petroleum products, benefited from a decline in prices following the coronavirus crisis.

The unit buys refined products from others and resells …

Source: Reuters

Refiner Phillips 66 cuts spending forecast by 18%, commits to dividend

Reuters


Refiner Phillips 66 (PSX.N) on Tuesday cut its 2020 spending forecast by about 18% and assured investors their dividend was secure even as the coronavirus outbreak and a price war between Saudi Arabia and Russia threaten the …

Source: Reuters

Trafigura forms venture with Phillips 66 for deepwater Texas oil port

Reuters


LONDON – Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 (PSX.N) to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing …

February 28, 2020 - 2:30 pm Closing Bell Story‎, Energy News, Marine Shipping
Source: Houston Chronicle

Phillips 66 profit cut by more than half in 4th quarter

Houston Chronicle


Houston refining and pipeline company Phillips 66 on Friday reported a $689 million fourth-quarter profit, 51 percent less than the same period in 2018.

The fourth quarter performance resulted in Phillips 66 closing 2019 with a nearly $3.7 …

Source: Houston Chronicle

Phillips 66 CEO Greg Garland takes reins of oil and gas trade group API

Houston Chronicle


The chief executive of Phillips 66 has been named chair of the American Petroleum Institute, the oil and gas sector’s top trade group said Wednesday.

Phillips 66 Chairman and CEO Greg Garland will serve two years as the …

January 23, 2020 - 3:00 pm Closing Bell Story‎, Crude Oil News, Energy News, People
Source: Houston Chronicle

Phillips 66 cancels large renewable diesel refinery project

Houston Chronicle


Phillips 66 said Tuesday it canceled plans to build the largest renewable diesel refinery along the West Coast, citing concerns with project costs and permitting problems.

The Houston-based refining company is withdrawing from its joint effort with the Iowa-based …

Source: Reuters/Rick Wilking

Phillips 66 profit beats on higher fuel margins, shares jump

Reuters


Phillips 66 beat analysts’ estimates for quarterly profit on Friday, as the refiner benefited from higher retail fuel margins, sending its shares up 4.4% to their highest in more than a year.

The Houston, Texas-based company, which retails fuel …

Source: Reuters

Odds of strike rise as Bayway workers, Phillips 66 hit impasse

Source: Reuters


(Reuters) – Negotiations between Phillips 66 and the Teamsters Local 877, which represents workers at its 285,000-bpd Bayway refinery in Linden, New Jersey, have broken down, according to two sources familiar with the discussions, raising the possibility of …

Phillips 66 Alliance, Louisiana, refinery CDU and VDU back on-line: sources

Phillips 66 Alliance, Louisiana, refinery CDU and VDU back on-line: sources

Source: Reuters


Phillips 66 returned the crude distillation unit (CDU) and vacuum distillation unit (VDU) to production at its 253,600-barrel-per-day (bpd) Alliance, Louisiana, refinery early on Monday, sources familiar with plant operations said.

Phillips 66 Alliance, Louisiana, refinery CDU and VDU back on-line: sources - oil and gas 360

The 250,000-bpd CDU and 65,000-bpd VDU were …

October 7, 2019 - 3:47 pm Closing Bell Story‎, Crude Oil News
New U.S. Pipelines Poised to Start Price War for Shale Shippers

New U.S. Pipelines Poised to Start Price War for Shale Shippers

From Reuters


The operators of two new pipelines in West Texas shale fields are offering discounted prices to attract shippers accustomed to high fees to move oil to export hubs, according to the pipeline companies and federal filings.

These bargain …

Source: NOAA

Intensifying Storm Cut Half U.S. Gulf Coast Oil Output, Closes Coastal Refinery

From Reuters


An intensifying tropical storm in the U.S. Gulf of Mexico on Thursday cut more than half the region’s oil output, with energy companies evacuating staff from nearly 200 offshore facilities and a coastal refinery.

Oil firms shut more …

Source: Chevron Phillips

Chevron Phillips and Qatar Petroleum Team Up Again

By Tyler Losier, Energy Reporter, Oil & Gas 360

New $8 billion project would include 2,000 KTA ethylene cracker
Petrochemical company Chevron Phillips – equally owned by Chevron Corporation and Phillips 66 – has formed another joint venture with Qatar

Source: Qatar Petroleum

Chevron Phillips and Qatar Petroleum Form JV

By Tyler Losier, Energy Reporter, Oil & Gas 360

Chevron Phillips to have 30% stake in new petrochemical plant
Chevron Phillips Chemical Company LLC - equally owned by Chevron Corporation and Phillips 66 - and Qatar Petroleum (QP) have inked

More Takeaway on the Way: $4.1 Billion in Pipelines will Deliver Permian, Bakken Oil Production to the Gulf

More Takeaway on the Way: $4.1 Billion in Pipelines will Deliver Permian, Bakken Oil Production to the Gulf

Liberty Pipeline LLC
On Monday, Phillips 66 (stock ticker: PSX) and Bridger Pipeline LLC announced the formation of a 50/50 joint venture, Liberty Pipeline LLC, in order to build a 24-inch crude oil pipeline running from the Rocky Mountain and

Marathon, Motiva and Phillips 66 Winners in 4.3 Million Barrel SPR Crude Oil Sale

Marathon, Motiva and Phillips 66 Winners in 4.3 Million Barrel SPR Crude Oil Sale

Winning offers in the ~$65-$67 range
The U.S. Department of Energy’s (DOE) Office of Fossil Energy announced on March 22 that it has awarded contracts to winning bidders in the recent Strategic Petroleum Reserve (SPR) crude oil sale.
DOE offered

Phillips 66 Partners Taps New MLP COO

Phillips 66 Partners Taps New MLP COO

Phillips 66 Partners (stock ticker: PSXP) named Rosy Zuklic its VP and COO, effective January 1, 2019.

Tom Liberti, current VP and COO of Phillips 66 Partners, has elected to retire at the end of the year, after 18 years.

December 7, 2018 - 3:30 pm Closing Bell Story‎, Corporate Governance
Big Crude Oil Margins Should Boost U.S. Refiner Earnings

Big Crude Oil Margins Should Boost U.S. Refiner Earnings

From Reuters

U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.

U.S. independent …

Source: XOM

Phillips 66 to Expand Sweeny Hub Fractionation Capacity by 300,000BPD

From Business Wire

Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, today announced it is proceeding with an expansion of the company’s Sweeny Hub. This project includes the construction of two 150,000 barrel-per-day (BPD) natural gas liquids …

Phillips 66 Touts $3.5 Billion Share Buyback as Earnings Stay Flat

Phillips 66 Touts $3.5 Billion Share Buyback as Earnings Stay Flat

From the Houston Chronicle

Phillips 66 executives on Friday touted the company’s $3.5 billion share buyback in the first quarter, a transaction that came after the sweeping U.S. tax overhaul padded its earnings.

The Houston refiner, chemical maker and pipeline …

April 30, 2018 - 10:33 am Closing Bell Story‎, Energy News
Phillips 66 Announces CapEx Budget for 2018

Phillips 66 Announces CapEx Budget for 2018

Phillips 66 (ticker: PSX) recently announced its 2018 capital budget of $2.3 billion, which includes $1.4 billion of growth capital and $0.9 billion of sustaining capital.

In midstream, the company plans to invest $1.2 billion, including $1 billion of growth …

Freeport Up and Running: Phillips 66 Ships First LPG Cargo Abroad

Freeport Up and Running: Phillips 66 Ships First LPG Cargo Abroad

In another little milestone heralding the acceleration of U.S. energy exports, Phillips 66 (NYSE: PSX) said that Friday it loaded its first contracted LPG cargo on the Commander, a very large gas carrier (VLGC) that departed the Freeport, Texas, terminal …

December 19, 2016 - 6:40 pm Closing Bell Story‎, Downstream, Oil and Gas 360 Articles
Source: WPX

Warren Buffett Continues Accumulating Oilfield Stocks

Phillips 66 is Buffett’s 6th Largest Holding – 79 million shares

Last year, Warren Buffett made his first purchase of Phillips 66 (ticker: PSX) stock amid the depletion in oil prices and the consequent depletion of oilfield service stocks.…

Warren Buffett Stockpiles More Shares of Phillips 66

Warren Buffett Stockpiles More Shares of Phillips 66

Some analysts say U.S. refiners won’t be hurt by exports

Don’t count Warren Buffett as a participant in the energy market selloff – the legendary investor has purchased nearly $5 billion of Phillips 66 (ticker: PSX) stock since August 2015.…

Source: Phillips 66

Berkshire Bolts on Another 3.5 Million Shares of Phillips 66

Warren Buffet looks to Phillips 66

Just eight days after the initial news that Warren Buffet’s Berkshire Hathaway Inc. (ticker: BRK.A) had invested $4.5 billion in Phillips 66, Buffet’s firm decided to purchase an additional 3.5 million shares of the …

September 10, 2015 - 2:39 pm Midstream, MLPs, Oil and Gas 360 Articles