Phillips 66 – Oil & Gas 360

Phillips 66 puts up fight against Elliott campaign for changes

April 8, 2025

(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

Aggressive activist investor is gunning for Phillips 66

February 11, 2025

(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

Phillips 66 reports fourth-quarter results and announces next phase of strategic initiatives

January 31, 2025

(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

Phillips 66 to grow Permian midstream business with EPIC NGL acquisition

January 7, 2025

(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

Phillips 66 announces agreement to sell interest in Gulf Coast Express

December 16, 2024

(Oil & Gas 360) – HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced today that it has entered into a definitive agreement to sell DCP GCX Pipeline LLC, which owns a 25% non-operated equity interest in Gulf Coast Express Pipeline LLC, to an affiliate of ArcLight Capital Partners, LLC for pre-tax total cash proceeds of $865 million, subject to purchase price adjustments. “With

Oil industry clashes with California’s regulatory environment

October 22, 2024

(Oil Price) – On October 16, 2024, the refiner Phillips 66 announced that it will cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. This announcement came a few days after California Governor Gavin Newsom signed a new law placing additional regulations on refineries. The closure will affect approximately 600 employees and 300 contractors that currently work at the

Trans Mountain oil pipeline just shy of target for first-month loadings

July 1, 2024

BOE Report About 20 ships loaded crude oil on Canada’s West Coast in the first full month of operation on the newly expanded Trans Mountain pipeline, according to vessel-tracking data on Sunday, slightly below the operator’s forecast. Loadings from the pipeline expansion are closely watched because the Canadian government wants to sell the $24.84 billion (C$34 billion) line. Questions about

Phillips 66 explores sale of pipeline stake worth over $1 billion, sources say

June 14, 2024

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.

Phillips 66 in talks for non-core assets sale: CEO

January 4, 2024

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,

Activist investor Elliott buys $1-billion stake in U.S. refiner Phillips 66

November 29, 2023

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

Phillips 66 books Q3 profit below expectations

October 27, 2023

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

Marathon Petroleum and Phillips 66 cruise past estimates on fuel demand surge

November 1, 2022

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

Premium Content