Yahoo Finance U.S. oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1 billion, including debt, people familiar with the matter said on Tuesday. The Rockies Express Pipeline (REX) is a 1,700-mile (2730-km)interstate natural gas pipeline, stretching from Wyoming and Colorado in the U.S.
Investing U.S. refiner and petrochemical manufacturer Phillips 66 (NYSE:PSX) is in active discussions for a sale of its non-core assets, Chief Executive Mark Lashier said on Thursday during an energy conference. Last year, the company said it would monetize $3 billion in non-core assets in 2024 as part of a plan to boost returns by cutting costs and assets. Lashier,
Oil Price Elliott Investment Management, an activist investment group, said on Wednesday it had amassed a $1-billion stake in one of the largest U.S. refiners, Phillips 66, and expressed dissatisfaction with the company’s underperformance in recent years. Apart from disclosing its $1 billion investment in Phillips 66, the activist investment firm sent a letter to the Board of Directors of Phillips
Oil Price U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion for the third quarter, up from $1.8 billion for
Reuters Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) posted quarterly profits which cruised past Wall Street estimates on Tuesday, becoming the latest U.S. refiners to benefit from robust fuel demand and margins amid tight supplies. U.S. refiners are posting strong profits with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and
Nasdaq HOUSTON – U.S. refiner Phillips 66 PSX.N on Wednesday offered to acquire the public units of DCP Midstream DCP.N in a deal that would value the pipeline operator at $7.2 billion deal and bulk up Phillip’s natural gas liquids business. A deal would mark the first major move by Mark Lashier, who took over as the chief executive officer of Phillips 66 last month. Earlier this year,
Nasdaq California regulators allege that U.S. refiner Phillips 66 PSX.N improperly began processing renewable diesel in a unit at its Rodeo, California refinery, the company confirmed to Reuters. Phillips 66 started to process small volumes of soybean oil at the Rodeo refinery in the first quarter of 2021, the company said last year, part of a plan to become the largest
Yahoo Finance U.S. refiner Phillips 66 on Friday promised to resume share buybacks in the current quarter, after posting a quarterly profit that surpassed Wall Street expectations as demand for fuel and refined products hovered near pre-pandemic levels. Western sanctions on Russia for invading Ukraine have tightened crude oil supplies worldwide at a time when fuel demand is surging as
Nasdaq Jan 28 – Phillips 66 PSX.N posted quarterly earnings that powered past Wall Street estimates on Friday, as the U.S. refiner capitalized on mounting demand for fuel due to a loosening up of coronavirus restrictions. Although refiners had to deal with surging crude oil costs, gasoline and jet fuel demand rocketed in the last three months of 2021 as
Reuters U.S refiner Phillips 66 posted its second straight quarterly profit on Friday as demand for gasoline, diesel and other distillates bounced back from pandemic lows thanks to vaccinations and easing restrictions. Energy demand has recovered swiftly from the worst days of the COVID-19 outbreak in 2020, and Brent and U.S. crude oil prices have reached multi-year highs in recent
Reuters Phillips 66 said on Wednesday it will buy the remaining units of Phillips 66 Partners it does not already own for $3.4 billion, as the refiner aims to simplify its governance and corporate structure. Phillips 66 Partners was formed by the refiner to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids
Nasdaq HOUSTON – U.S. refiner Phillips 66’s PSX.Ndecision to market a Louisiana oil processing plant offers a key test of investors’ views on the pace of the transition to electric vehicles, refinery industry experts said on Wednesday. Phillips 66, the fourth largest U.S. refiner, on Tuesday said it has put its 255,600 barrel per day (bpd) Alliance plant on the market, citing “the evolving
