Phillips 66 (PSX) closed at $138.09 in the latest trading session, marking a +0.09% move from the prior day. This change outpaced the S&P 500's 0.16% loss on the day. On the other hand, the Dow registered a gain of 0.04%, and the technology-centric Nasdaq decreased by 0.18%.Prior to today's trading, shares of the oil refiner had lost 2.97% over the past month. This has was narrower than the Oils-Energy sector's loss of 3.96% and lagged the S&P 500's gain of 3.15% in that time.The investment community will b ...

Phillips 66 (NYSE:PSX) J.P. Morgan 2024 Energy, Power & Renewables Conference June 18, 2024 10:55 AM ET Company Participants Mark Lashier - Chairman & CEO Conference Call Participants John Royall - J.P. Morgan John Royall All right. So, why don't we get started? We're happy to introduce Mark Lashier, Chairman and CEO of Phillips 66. Mark's been in the role since July of 2022. Prior to that, most recently, Mark ran the CPChem business and started his career, I think, with Phillips Petroleum in the late ‘80s. ...

Company Overview - Phillips 66 is a leading diversified, integrated downstream energy provider with a focus on midstream, refining, chemicals, and marketing specialties, positioning the company for value creation across economic cycles [2][4] - The company expects to grow its EBITDA from $10 billion in 2022 to $14 billion by 2025, with 75% of this growth coming from segments outside of refining [2][5] Strategic Focus - The company has honed its strategy to simplify its business and focus on value-driving assets, including the integration of DCP and the acquisition of Pinnacle Midstream, which is expected to add $1 billion in earnings [4][5] - Phillips 66 plans to generate over $3 billion from asset dispositions, focusing on non-core assets that do not align with its growth strategy [6][24] Refining Operations - The refining segment has achieved a 98% availability rate for crude units and has operated above the industry average utilization rate, with a 92% rate in 2023 compared to the industry average of 90% [8][10] - The company has implemented a cost-saving program targeting $1.4 billion in reductions, with over $600 million achieved in refining costs [10][21] Chemicals and Petrochemicals - CPChem, the company's chemicals segment, has seen margins recover from lows, with polyethylene chain margins increasing from 16.5 cents per pound in Q1 to 17.5 cents in Q2 [17] - CPChem is positioned to benefit from low-cost feedstock access in the US and the Middle East, allowing it to maintain high operational rates [17] Marketing and Specialties - The marketing and specialties business has achieved a return on capital employed of 32% in 2023, driven by strategic retail partnerships and a focus on high-value locations [19][20] - The company is divesting non-core international marketing assets, generating approximately $350 million in annual EBITDA from these operations [20][24] Financial Performance and Capital Allocation - The company maintains a target leverage ratio of 25% to 30%, currently above this range but comfortable due to strong cash flow and earnings growth potential [22] - Phillips 66 is committed to returning 50% of its operating cash flow to shareholders and has been actively repurchasing shares [25]

Core Insights - Phillips 66 (PSX) has sold its 25% non-operated equity interest in the Rockies Express Pipeline to Tallgrass Energy for $1.28 billion, as part of a strategy to generate over $3 billion from asset divestitures [1][2] - The Rockies Express Pipeline is a significant natural gas pipeline in the U.S., transporting approximately 5 billion cubic feet per day across 1,714 miles [1] - The sale will provide PSX with pre-tax proceeds of $685 million, which will be utilized to enhance shareholder returns and support other priorities [2] Company Strategy - Phillips 66 is focused on optimizing its portfolio by monetizing non-essential assets to align with long-term objectives [2] - Following the transaction, Tallgrass Energy will fully own the Rockies Express Pipeline, consolidating its operational control [2] Financial Impact - The deal is part of Phillips 66's broader initiative to achieve over $3 billion in asset divestitures, indicating a significant shift in its asset management strategy [1] - The pre-tax proceeds from the sale, amounting to $685 million, reflect adjustments related to debt and preferred equity balances [2]

BD ImagesPhillips 66 (NYSE:PSX) is a multinational energy company, with a market capitalization of almost $60 billion. The company has a dividend yield of more than 3%, a yield that it can comfortably afford, as it continues to generate strong cash flow in renewables. As we'll see throughout this article, Phillips 66 is a valuable long-term investment. Phillips 66 Differentiation Phillips 66 is working to operate a high-profile business with strong and complex refineries. Phillips 66 Investor Presentat ...

The latest trading session saw Phillips 66 (PSX) ending at $137.67, denoting a +1.22% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 0.23%. Elsewhere, the Dow lost 0.17%, while the tech-heavy Nasdaq added 0.34%.Prior to today's trading, shares of the oil refiner had lost 6.98% over the past month. This has lagged the Oils-Energy sector's loss of 4.97% and the S&P 500's gain of 3.96% in that time.The investment community will be closely monitoring the performance of Phil ...

Phillips 66 (PSX) , a leading energy company, has announced that its subsidiary, Phillips 66 Pipeline, LLC, is initiating a binding open season to solicit shipper commitments for services on its Blue Line System. This pipeline transports propane and butane from Wichita, KS, to Jefferson City, MO, and East St. Louis, IL.The Blue Line System, a common carrier liquids product pipeline, is set to offer long-term liquified petroleum gas (LPG) transportation services under binding agreements. This open season off ...

Core Viewpoint - Phillips 66 has experienced a significant decline in stock performance recently, with a return of -9.3% over the past month, contrasting with the S&P 500's +7.3% and the oil refining industry's -1.9% [1] Earnings Estimates Revisions - The expected earnings for Phillips 66 for the current quarter are $3.46 per share, reflecting a year-over-year decrease of -10.6% and a 30-day change of -21.4% [3] - The consensus earnings estimate for the current fiscal year is $12.26, indicating a year-over-year decline of -22.5% and a 30-day change of -11% [3] - For the next fiscal year, the consensus estimate is $14.59, showing a year-over-year increase of +19% with a slight 30-day change of -0.3% [3] Revenue Growth Projections - The consensus sales estimate for the current quarter is $32.06 billion, indicating a year-over-year decline of -10.3% [5] - The sales estimates for the current and next fiscal years are $133.14 billion and $128.52 billion, reflecting changes of -11.2% and -3.5%, respectively [5] Last Reported Results - In the last reported quarter, Phillips 66 generated revenues of $36.44 billion, a year-over-year increase of +3.8% [6] - The reported EPS was $1.90, down from $4.21 a year ago, with a revenue surprise of +17.35% compared to the consensus estimate [6] - Over the last four quarters, the company surpassed consensus EPS estimates twice and revenue estimates three times [6] Valuation Metrics - Phillips 66 is currently evaluated using various valuation multiples, including price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to assess whether the stock is fairly valued [7] - The Zacks Value Style Score indicates that Phillips 66 is graded A, suggesting it is trading at a discount compared to its peers [9] Conclusion - The Zacks Rank 3 for Phillips 66 indicates that the stock may perform in line with the broader market in the near term, despite the recent market buzz [10]

Diversified downstream operator, Phillips 66 (PSX) has entered into an agreement to acquire Pinnacle Midland in an all-cash deal worth $550 million. Pinnacle Midland is a midstream energy company owned by a private equity firm, Energy Spectrum Capital. Pinnacle Midland’s assets in the Midland Basin will complement and expand PSX’s processing capabilities in one of the most prolific oil and natural gas regions in the United States.Notably, the Dos Picos natural gas complex, owned by Pinnacle Midland, has a p ...

Core Viewpoint - Phillips 66 has experienced a significant decline in stock performance, with a return of -15.5% over the past month, underperforming the Zacks S&P 500 composite and the broader Oil and Gas - Refining and Marketing industry [1] Earnings Estimate Revisions - The consensus earnings estimate for Phillips 66 is $3.88 per share for the current quarter, reflecting a year-over-year increase of +0.3% and a +4.5% change over the last 30 days [3] - The consensus earnings estimate for the current fiscal year is $13.13, indicating a year-over-year decrease of -17%, with a +1.7% change over the last month [3] - For the next fiscal year, the consensus estimate is $14.63, showing an increase of +11.4% year-over-year, with a +9.8% change in the last month [3] - Phillips 66 holds a Zacks Rank 3 (Hold), influenced by recent changes in earnings estimates and other related factors [3] Revenue Growth Forecast - The consensus sales estimate for Phillips 66 is $34.22 billion for the current quarter, indicating a year-over-year decline of -4.2% [5] - The sales estimates for the current and next fiscal years are $136.66 billion and $136.57 billion, reflecting changes of -8.8% and -0.1%, respectively [5] Last Reported Results and Surprise History - In the last reported quarter, Phillips 66 generated revenues of $36.44 billion, a year-over-year increase of +3.8%, while EPS was $1.90 compared to $4.21 a year ago [6] - The reported revenues exceeded the Zacks Consensus Estimate of $31.05 billion by +17.35%, although the EPS fell short by -7.32% [6] - Over the last four quarters, Phillips 66 surpassed consensus EPS estimates twice and revenue estimates three times [7] Valuation - Phillips 66 is graded A on the Zacks Value Style Score, indicating it is trading at a discount compared to its peers [9] - Valuation multiples such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF) are essential for assessing whether the stock is fairly valued [8]