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 6 MMBO from strategic reserves for competitive sale On February 28, 2019, DOE’s Office of Fossil Energy issued a Notice
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. “Under Tom’s leadership, the partnership has significantly increased its scale and is on track to meet its five-year distribution target,”
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 refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for
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 (NGL) fractionators in Old Ocean, Texas, additional NGL storage capacity, and associated pipeline infrastructure. The project is expected to cost
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 operator repurchased 7 percent of its outstanding shares in a single transaction – a rare feat in the U.S. oil
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 capital in its natural gas liquids and transportation businesses. Phillips 66 said that the Beaumont Terminal is still undergoing expansion
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 on Dec. 16. The company said that the Freeport LPG Export Terminal is now fully operational and has the ability to
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. Oil refiner Phillips 66 now represents a major holding for Berkshire Hathaway (ticker: BRK), the sixth-largest holding in the company portfolio.
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. Berkshire Hathaway (ticker: BRK), a multinational holding company chaired by Buffett, now owns 13% of the refiner and has a
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 company, bringing its total share in PSX to 11.4%. Berkshire’s stake in the company is now worth $4.96 billion, based
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