(Oil Price) – In an earnings season highlighted by a Middle East conflict that has sent oil prices soaring, Texas oil refiner Phillips 66 (NYSE:PSX) has reported first quarter adjusted earnings of $0.49 per share, easily beating Wall Street’s consensus of a loss of $0.39 while net income came in at $207 million thanks to higher refining margins amid the big oil price rally. The
(BOE Report) – U.S. oil companies’ shares rose in premarket trading on Monday as investors bet that President Donald Trump’s move against Venezuela’s leadership would allow American firms greater access to the world’s largest oil reserves. Shares of Chevron, the only U.S. major currently operating in Venezuela’s oil fields, climbed 7.3%, while refiners Phillips 66, Marathon Petroleum, Valero Energy and PBF
(Oil Price)– The newly proposed Western Gateway Pipeline, planned to ship fuels from Midwest refineries all the way to California, is gathering growing support from federal, state, and industry circles, according to one of the project’s proponents, refining giant Phillips 66. Phillips 66 and pipeline giant Kinder Morgan unveiled in October plans for the Western Gateway Pipeline, which could become the
(BOE Report)– Refiner Phillips 66 beat Wall Street estimates for second-quarter profit on Friday, helped by higher refining margins and lower turnaround expenses. Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings. The improved margins helped peers such as Valero Energy surpass Wall Street estimates.
(Oil Price) – U.S. refining giant Phillips 66, which will close its LA refinery later this year, will lay off in December most of the workers at the plant, Reuters reports, citing sources with knowledge of the plans. Last October, Phillips 66 said it would shut down its refinery in the Los Angeles area in the fourth quarter of 2025, due to “market dynamics.”
(Oil Price) – Paul Singer’s Elliott Management is kicking the tires on a deal that would have been unthinkable just a few years ago: buying a stake in a pipeline that carries Russian natural gas into Europe. The pipeline in question is the Bulgarian extension of TurkStream—Russia’s last functioning gas artery to the continent. With the rest of its gas empire
(BOE Report) – Phillips 66 reported a bigger-than-expected loss in the first quarter on Friday, as lower refining margins amid a widespread maintenance and turnaround activity across the U.S. refining sector weighed on its performance. U.S. refineries typically undergo seasonal maintenance and turnaround activities in preparation for the summer driving season, when fuel demand significantly increases. However, this scheduled downtime
(Oil Price) – U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management
(Oil Price) – U.S. refiner Phillips 66 told shareholders on Tuesday that Elliott Investment Management’s demands for breaking up the company are misguided, based on inflated and unrealistic assumptions, and would destroy shareholder value. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. Elliott, which has an investment worth more than
(Oil Price) – Elliott Investment Management is at it again, this time sinking its teeth into U.S. refiner Phillips 66 with a $2.5 billion stake and a laundry list of demands. The aggressive activist investor—best known for shaking up boardrooms and strong-arming CEOs into “unlocking value” (i.e., making changes that boost Elliott’s returns)—wants Phillips 66 to spin off its midstream business
(Oil & Gas 360) January 31, 2025 Fourth Quarter Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery Returned $1.1 billion to shareholders through dividends and share repurchases Record NGL fractionation and LPG export volumes in
(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) announced today that it has entered into a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long haul natural gas liquids pipelines, fractionation facilities and distribution systems (“EPIC NGL”) for total cash consideration of $2.2 billion, subject to customary purchase price adjustments. Upon
