Phillips 66 reports second-quarter 2021 financial results
August 3, 2021
Reported second-quarter earnings of $296 million or $0.66 per share; adjusted earning…
Phillips 66 reports first-quarter 2021 financial results
April 30, 2021
Reported a first-quarter loss of $654 million or $1.49 per share; adjusted loss of $5…
Phillips 66 to reconfigure California refinery for renewable fuels
August 13, 2020
Reuters U.S. refiner Phillips 66 plans to convert its Rodeo, California, crude oil refinery into a renewable fuels plant using cooking oil and food wastes. Its proposal comes as U.S. refiners HollyFrontier Corp, CVR Energy and Marathon Petroleum have begun or pledged to convert existing facilities to renewable fuel. HollyFrontier and CVR are exploring projects to supply California, the largest
Refiner Phillips 66 posts smaller-than-expected loss on higher retail margins
July 31, 2020
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 them, pocketing the difference and benefiting from improved margins when prices are down. The unit also sells other specialty products,
Refiner Phillips 66 cuts spending forecast by 18%, commits to dividend
March 24, 2020
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 oil market with massive oversupply. As U.S. crude prices last week touched their lowest point in nearly two decades, oil and gas
Trafigura forms venture with Phillips 66 for deepwater Texas oil port
February 28, 2020
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 project. The Bluewater Texas Terminal, to be located 21 nautical miles east of the entrance to Corpus Christi port, will have two
Phillips 66 profit cut by more than half in 4th quarter
January 31, 2020
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 billion profit, a 35 percent drop from the previous year when favorable margins in the refining of domestic crude oil
Phillips 66 CEO Greg Garland takes reins of oil and gas trade group API
January 23, 2020
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 API chairman. He succeeds Exxon Mobil CEO Darren Woods, who will remain on Washington-based API’s executive committee. “The natural gas
Phillips 66 cancels large renewable diesel refinery project
January 21, 2020
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 Renewable Energy Group on the diesel refinery that would have churned out 250 million gallons of fuel per year from
Phillips 66 profit beats on higher fuel margins, shares jump
October 25, 2019
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 under brand names such as Conoco, 76 and JET, buys refined products from the market and resells them across its
Odds of strike rise as Bayway workers, Phillips 66 hit impasse
October 18, 2019
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 a work stoppage at the Northeast’s largest operational refinery. The two sides have been in discussions but have not yet
Phillips 66 Alliance, Louisiana, refinery CDU and VDU back on-line: sources
October 7, 2019
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. The 250,000-bpd CDU and 65,000-bpd VDU were knocked out of production on Oct. 2 when a pump failed on the CDU, the sources. Phillips 66 did not
