US Market News
3週前
Phillips 66 announces Zeus Gas Plant and a third Coastal Bend Fractionator, advancing integrated wellhead-to-market strategy in the Permian and on the Gulf CoastMay 18, 2026 7:00 AM
Business Wire Phillips 66 today announced it is moving forward with the Zeus Gas Plant and a third Coastal Bend Fractionator, two projects that will advance its integrated wellhead-to-market strategy, thereby expanding gas processing capacity in the Permian and NGL fractionation capabilities on the Gulf Coast. Zeus will be a 300 MMcf/d gas processing facility in the Permian and will include the new Midland Express (MEX) Pipeline, an approximately 45-mile, 20-inch line integrating Phillips 66’s Permian Basin gathering systems. Expected to come online with the Zeus processing plant, MEX will be able to move up to 230 MMcf/d of wellhead gas and provide future bi-directional flexibility between multiple processing facilities. The third Coastal Bend Fractionator, previously referenced as Corpus Christi Fractionator, or BTT2, will be a 100 MBD natural gas liquids (NGL) fractionator in Robstown, Texas, including NGL purity pipeline expansion and water treatment facilities. Both projects are expected to be online in 2028. "Zeus Gas Plant and a third Coastal Bend Fractionator will strengthen our ability to move growing Permian volumes across an integrated value chain, from the wellhead to key market centers," said Don Baldridge, executive vice president, Midstream, Phillips 66. "These projects will enhance system connectivity, increase processing and fractionation capacity, and position us to serve customers while capturing additional value across our Midstream network." Zeus Gas Plant and the third Coastal Bend Fractionator are included in Phillips 66’s capital spending program and fall within the company’s stated $2.0 billion to $2.5 billion capital spending range. This is consistent with Phillips 66’s commitment to reduce debt to $17 billion by year-end 2027 and return more than 50% of net operating cash flow, excluding working capital, to shareholders. The projects will support growing Permian production from Phillips 66 customers’ dedicated acreage by adding the processing and fractionation capacity needed to move increasing volumes efficiently through Phillips 66’s integrated system. With Permian production expected to grow over the next five years, Zeus and the third Coastal Bend Fractionator will help connect advantaged supply to downstream assets and premium markets. About Phillips 66 Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn. Important Information Relating to Forward-Looking Statements Phillips 66: This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including war and armed hostilities, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the U.S. Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260517310811/en/ Phillips 66 Investor Relations
investorrelations@p66.com Media Relations
phillips66media@p66.com Original: Phillips 66 announces Zeus Gas Plant and a third Coastal Bend Fractionator, advancing integrated wellhead-to-market strategy in the Permian and on the Gulf Coast
iHub News
1月前
Markets Steady Ahead of Fed Decision and Key Tech Earnings: Dow Jones, S&P, Nasdaq, Wall Street FuturesApril 29, 2026 5:16 AM
IH Market News
U.S. equity futures were slightly higher on Wednesday but remained close to flat, as investors braced for a wave of major announcements that could influence market direction. The Federal Reserve is widely expected to leave interest rates unchanged, though reports suggest it may adopt a more hawkish tone in its policy statement. At the same time, several mega-cap technology firms are set to report earnings, with particular focus on their spending around artificial intelligence. In Europe, a heavy slate of corporate results is also underway, while Donald Trump has reportedly instructed aides to prepare for a prolonged blockade of Iranian ports.
Futures Tick Slightly Higher
U.S. stock futures moved modestly higher early in the session, ahead of what is shaping up to be one of the busiest trading days of the year.As of 03:26 ET, Dow futures were up 47 points, or 0.1%, S&P 500 futures gained 5 points, or 0.1%, and Nasdaq 100 futures rose 85 points, or 0.3%.Wall Street’s main indices declined in the previous session, largely due to concerns about the financial health of OpenAI after a report from The Wall Street Journal indicated the company had missed certain revenue and user targets. Stocks linked to OpenAI, either through partnerships or investments, also came under pressure.Meanwhile, ongoing tensions between the U.S. and Iran continued to weigh on sentiment, with stalled negotiations delaying any reopening of the Strait of Hormuz, which has effectively been shut to shipping for weeks. Oil prices have risen as a result, raising concerns about inflation and global growth.Despite these headwinds, corporate earnings have shown resilience. According to Reuters, just over one-third of S&P 500 sectors have reported results so far, with 81% of companies exceeding expectations.
Fed Decision in Focus
The Federal Reserve is expected to keep its benchmark interest rate unchanged within a range of 3.5% to 3.75% at the conclusion of its two-day meeting, as policymakers assess the inflationary impact of geopolitical tensions.Reports from the The Wall Street Journal suggest the Fed could adjust its forward guidance in a more hawkish direction by removing references to potential rate cuts in 2026.The meeting may also mark one of the final press conferences by Fed Chair Jerome Powell, whose term is set to expire in May.“Powell’s (supposedly) final press conference shouldn’t rock the boat, but he could err a bit on the hawkish side given the lack of progress in the Gulf,” analysts at ING Group said in a note.Former Fed Governor Kevin Warsh has been nominated by Trump as Powell’s successor, with the Senate Banking Committee expected to vote on his confirmation this week.
Tech Earnings Take Center Stage
Investors are also closely watching a wave of earnings reports, particularly from major technology firms whose heavy investment in AI has fueled recent market gains.Alphabet Inc. (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Meta Platforms (NASDAQ:META) are all scheduled to release results after the close.Following the negative sentiment sparked by the OpenAI report, these earnings will serve as a key test for confidence in the AI-driven market rally.“[P]articipants will be looking not only for the classic ‘beat and raise’ from these ‘Magnificent Seven’ names, but also for clarity as to the scale of capital expenditure over coming quarters, the source of that expenditure, and the timeframe over which a return on said investment is likely to be achieved,” said Michael Brown.“With the sector coming into earnings, essentially, at record highs, we are to a degree ‘priced for perfection’, leaving little room for disappointment, and with the market hence likely to punish any sub-par reports.”Beyond tech, companies including AbbVie (NYSE:ABBV), Regeneron Pharmaceuticals (NASDAQ:REGN), and Phillips 66 (NYSE:PSX) are also due to report.
European Earnings Flood Markets
Amid the ongoing geopolitical uncertainty, several major European companies released results earlier in the day.Adidas AG saw its shares jump more than 7% after reporting stronger-than-expected first-quarter operating profit, despite a “very volatile and heavily discounted” retail environment.UBS Group AG rose after posting an 80% increase in quarterly profit, supported by strong trading and client activity linked to market volatility.STMicroelectronics advanced to its highest level since 2024 following better-than-expected results.Airbus SE edged higher after reaffirming its annual delivery targets, even as it faces supply challenges from Pratt & Whitney.Mercedes-Benz Group AG posted modest gains despite weaker revenue, while Banco Santander hovered near flat after reporting a 12.5% rise in underlying profit.
Trump Prepares for Extended Iran Blockade
Donald Trump has instructed his team to prepare for a prolonged blockade of Iran, according to a report by the The Wall Street Journal.Citing U.S. officials, the report said the strategy would focus on intensifying pressure on Iran’s oil exports and restricting shipping access, with a blockade seen as a lower-risk option compared to renewed large-scale military action or rapid diplomatic efforts.This approach follows a ceasefire in April that halted a major bombing campaign but left regional tensions unresolved.According to the report, Trump recently rejected a three-step proposal from Iran that would have allowed an early reopening of the Strait of Hormuz while postponing nuclear negotiations, considering it insufficient to meet U.S. demands.The report added that Trump remains firm on requiring Iran to suspend uranium enrichment for at least 20 years and accept additional long-term restrictions.Alphabet stock priceMicrosoft stock priceAmazon stock priceMeta stock priceAbbVie stock priceRegeneron Pharmaceuticals stock pricePhillips 66 stock price
Original: Markets Steady Ahead of Fed Decision and Key Tech Earnings: Dow Jones, S&P, Nasdaq, Wall Street Futures
US Market News
2月前
Phillips 66 and Kinder Morgan Advance Western Gateway Pipeline Project Following Successful Open SeasonApril 20, 2026 7:00 AM
Business Wire
Phillips 66 (NYSE: PSX) and Kinder Morgan, Inc. (NYSE: KMI) today announced the advancement of the Western Gateway Pipeline (Western Gateway), a proposed refined products pipeline system, following a successful second open season that secured long-term shipper commitments sufficient to move the project forward, subject to the execution of definitive transportation service agreements, joint venture agreements, and respective board approvals.
“Customer response during the open season underscores the importance of Western Gateway in addressing long-term refined products logistics needs in the region,” said Phillips 66 Chairman and CEO Mark Lashier. “Strong market interest validates the role this project can play in improving supply flexibility and reliability for West Coast markets.”
“We’re pleased to be able to use our existing assets to leverage growth opportunities for the Arizona and California markets,” said Kinder Morgan CEO Kim Dang. “By utilizing existing pipeline assets across multiple states along the route, we’re uniquely well-positioned to support a refined products transportation solution.”
The Western Gateway Pipeline will connect Midwest and Gulf Coast refinery supply to Phoenix, Arizona and California markets with connectivity to Las Vegas, Nevada via Kinder Morgan’s CALNEV Pipeline. The Western Gateway Pipeline will consist of a new-build pipeline from Borger, Texas to Phoenix, Arizona, combined with Kinder Morgan’s existing SFPP, L.P. pipeline from Colton, California to Phoenix, Arizona, which will be reversed to enable east to west product flows into California. The Western Gateway Pipeline will be fed from Midwest and Gulf Coast supplies connected to Borger, Texas. The Gold Pipeline, operated by Phillips 66, which currently flows from Borger to St. Louis, will be reversed to enable refined products from Midwest and Gulf Coast refineries to flow toward Borger and supply the Western Gateway Pipeline.
The project is targeting an in-service date of mid-2029.
For more information about the project, visit https://westerngatewaypipeline.com/
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
About Kinder Morgan
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of the people, communities, and businesses we serve. We own an interest in or operate approximately 78,000 miles of pipelines, 136 terminals, more than 700 billion cubic feet of working natural gas storage capacity, and have renewable natural gas generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Learn more about our work advancing energy solutions on the lower carbon initiatives page at www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
Phillips 66:
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the U.S. Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Kinder Morgan, Inc. (KMI):
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally, the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “projects,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to the proposed Western Gateway Pipeline project and partnership between Phillips 66 and KMI. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: changes in tariffs and trade restrictions; repercussions of recent armed conflicts between Israel and Hamas and between the U.S., Israel and Iran, including commodity price volatility and potential adverse effects on financial and economic conditions; the parties’ ability to negotiate terms of the proposed partnership; and other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2025 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere), and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260419746999/en/
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Original: Phillips 66 and Kinder Morgan Advance Western Gateway Pipeline Project Following Successful Open Season
US Market News
3月前
Phillips 66 Appoints Howard Ungerleider and Kevin Meyers to Board of DirectorsMarch 8, 2026 1:00 PM
Business Wire
Appointments follow constructive engagement with Elliott Investment Management and will strengthen the Board with financial, operational, and energy expertise
Phillips 66 (NYSE: PSX) today announced that it has appointed Howard Ungerleider and Kevin Meyers to serve on the Company’s Board of Directors, effective immediately.
"Phillips 66 is pleased to welcome Howard and Kevin to our board," said Mark Lashier, Chairman and Chief Executive Officer of Phillips 66. "Howard brings exceptional financial leadership and deep expertise in large-scale industrial transformation, and Kevin brings more than 40 years of hands-on energy sector experience.”
Lashier continued, “We have made significant progress – in portfolio focus, capital discipline, and operational performance – and we appreciate the continued constructive engagement with Elliott and look forward to building on the strong momentum we have established."
“We are pleased with the additions of Howard and Kevin to the Phillips 66 Board, and we welcome the expertise they will bring,” said John Pike, Partner, and Mike Tomkins, Partner, at Elliott Investment Management. “Elliott believes that Phillips 66’s asset quality and market position create a compelling opportunity for value creation, and we are encouraged by the Company’s efforts to bring fresh perspectives to the Board. While more work must be done, we note the team’s focus on execution, capital return and the actions to enhance the Company’s advantaged mid-continent position. Our engagement with the Board over the past year has been constructive. As one of Phillips 66’s largest investors, we will remain engaged with management and the Board in their work to realize the Company’s full value.”
As previously announced, Glenn Tilton and Marna Whittington, Class II directors with terms concluding in 2026, have informed the Company that they intend to retire and will not stand for re-election to the Phillips 66 Board of Directors at the Company’s next annual meeting of shareholders in May 2026. Following the annual meeting, the Board will consist of 14 directors, 13 of whom are independent. Ungerleider will serve as a Class II director and Meyers will serve as a Class III director, and the Company’s director nominees for election at its 2026 annual meeting of shareholders will be Ungerleider and the Company’s other Class II directors, Gregory J. Hayes, Charles M. Holley and Denise R. Singleton.
About Howard Ungerleider
Ungerleider has more than 30 years of financial and operational leadership across the chemical, packaging, and specialty materials sectors. He served as President and Chief Financial Officer of Dow Inc. and as Chief Financial Officer of DowDuPont, the $86 billion holding company formed through the merger of Dow and DuPont, where he oversaw its separation into three independent publicly traded companies. He currently serves as an Operating Advisor at Clayton Dubilier & Rice and holds board positions at Air Products, American Airlines, and Kyndryl. He holds an M.B.A. from UCLA Anderson School of Management and a B.B.A. from the University of Texas at Austin.
About Kevin Meyers
Meyers has more than 40 years of experience in the oil and gas industry. He retired from ConocoPhillips in 2010 after serving as Senior Vice President, Exploration and Production, Americas; Regional President for Canada, Russia, Alaska and the Caspian region; and President of ConocoPhillips Alaska. Prior to ConocoPhillips, he spent 20 years at ARCO, ultimately serving as President of ARCO Alaska. Meyers currently serves as a director of Precision Drilling Corporation and previously served on the boards of Hess, Denbury, Hornbeck Offshore Services, Bill Barrett Corporation, and LUKOIL. He holds a Ph.D. in Chemical Engineering from MIT and bachelor's degrees in Chemistry and Mathematics from Capital University.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260308333198/en/
Investor Relations
investorrelations@p66.com
Media Relations
phillips66media@p66.com
Original: Phillips 66 Appoints Howard Ungerleider and Kevin Meyers to Board of Directors
Enterprising Investor
10年前
Delta Air to sell gasoline and diesel as losses at its refinery climb (12/02/16)
By Chris Prentice and Jarrett Renshaw
Delta Air Lines Inc is preparing to market gasoline from a refinery it owns outside Philadelphia, signaling a shift in strategy toward managing the plant as a commercial refiner rather than a dedicated jet fuel supplier.
Delta became the first airline to own a refinery when it bought the shuttered plant in 2012, hoping to turn the facility into its own jet fuel supplier and capitalize on cheap oil supplies from a boom in U.S. shale output.
Instead of marketing the gasoline and diesel from the 185,000 barrels per day Monroe Energy plant, until now Delta has swapped the billions of dollars of motor fuel for jet fuel under a contract with Phillips 66 that is set to expire next year.
Now, Monroe is ramping up to sell small volumes of blended gasoline and ultimately diesel at a distribution center owned by Sunoco Logistics Partners outside Philadelphia, a source familiar with the plan told Reuters.
The sales will allow Monroe to benefit from motor fuel profit margins, an attempt to turn around a loss-making plant at a difficult time for the refining industry along the U.S. East Coast, added the source.
The region's refiners are fighting to survive, as they rely on foreign waterborne crude for supply. Two plants in the region have been shut in the past decade.
The company plans to increase sales volumes, including of diesel, over the next year after the Phillips 66 swap agreement expires, according to the source, who asked not to be identified because he was not authorized to speak with the press.
A Delta spokesman declined to comment on the plan and a Monroe Energy spokesman said the company does not discuss operations.
"At this point, they may feel they have better economics to sell the gasoline outright," said Robert Mann, a former airline executive and principal at R.W. Mann & Company, Inc.
A commercial refiner would look at profit margins for each fuel, which vary seasonally, and adjust production to maximize the output of the fuel with the best margin. Delta has been maximizing jet fuel output, regardless of variations in margins.
That may have saved Delta money on jet fuel supplies, but cost it potential profit from producing other products.
Mann said if the refiner abandons efforts to maximize jet fuel supply, Delta may reconsider whether owning the plant is worthwhile.
DRAG ON PROFITS
After a few successful years, the refinery has lost money in 2016 amid an industry-wide slump that has hit East Coast refiners the hardest. The refinery lost $83 million in the first nine months of the year compared to $282 million in profits last year.
Monroe Energy slashed employee bonuses to save money earlier this year. But the refiner's manager, Jeff Warmann, told employees then not to worry about mounting losses because the real goal was to pump jet fuel and drive prices down.
Monroe, like other merchant refiners, has also taken a hit from rising costs to meet U.S. annual biofuels requirements. Those require refiners who cannot blend biofuels, as mandated by the government, to buy paper credits from those that can. Those credits, called RINs, have soared in cost in the time Delta has owned the plant.
In the first three quarters of this year, Monroe paid $130 million to purchase RINs, nearly double the $67 million during the same time the year earlier.
Blending ethanol into gasoline will allow Monroe for the first time to generate credits, though it will still meet just a fraction of its total biofuels obligation. Delta has been embroiled in a years-long lawsuit with the Environmental Protection Agency over the scheme, which the airline says are too heavy a burden.
http://www.reuters.com/article/us-usa-refinery-delta-air-idUSKBN13R2F3
Enterprising Investor
10年前
Phillips 66 Partners Announces $1.3 Billion Acquisition (10/11/16)
Acquisition Includes 30 Phillips 66 Crude, Products, and NGL Logistics Assets
• Expected to be immediately accretive to unitholders
• Assets support Phillips 66’s Bayway, Billings, Borger and Ponca City refineries
• Phillips 66 to enter into long-term minimum volume commitments
HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners LP (NYSE: PSXP) (the “Partnership”) has reached agreement with Phillips 66 (NYSE: PSX) to acquire 30 crude, refined products and natural gas liquids (NGL) logistics assets for total consideration of $1.3 billion. The Partnership plans to fund the acquisition with a combination of debt and $196 million in new PSXP units issued to Phillips 66, to be allocated proportionally between common units and general partner units allowing the general partner to maintain its 2 percent general partner interest. The transaction is anticipated to close this month, subject to satisfaction of customary closing conditions, and is expected to be immediately accretive to unitholders. Upon closing, the Partnership will be entitled to receive the cash earnings associated with the acquired assets as of Oct. 1, 2016.
The acquisition consideration reflects an approximate 8.7 times multiple based on the forecasted full year 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) attributable to the assets of approximately $150 million. In connection with the acquisition, Phillips 66 will enter into 10-year terminaling and throughput agreements that will include minimum volume commitments covering approximately 85 percent of forecasted volumes.
“As our largest dropdown acquisition to date, this represents a milestone for the Partnership and will provide additional fee-based income and diversity to our already strong midstream portfolio,” said Greg Garland, Phillips 66 Partners chairman and CEO. “We remain committed to maintaining a stable, fee-based, growing business model at Phillips 66 Partners, and are on track to deliver on our commitment to a five-year distribution compound annual growth rate of 30 percent through 2018.”
The transaction includes the following assets:
• A crude pipeline and terminal system that provides crude supply for Phillips 66’s Ponca City Refinery, consisting of 503 miles of pipeline and 1.7 million barrels of storage;
• A refined products and NGL pipeline and terminal system that provides product takeaway transportation services for Phillips 66’s Ponca City Refinery, consisting of 524 miles of pipeline and 1.7 million barrels of storage;
• A crude pipeline and terminal system that provides crude supply for Phillips 66’s Billings Refinery, consisting of a 79 percent undivided interest in a 623-mile pipeline and 570,000 barrels of storage;
• A refined products pipeline and terminal system that provides product takeaway transportation services for Phillips 66’s Billings Refinery, consisting of 342 miles of pipeline and 386,000 barrels of storage;
• A refined products and NGL terminal system that provides storage services for Phillips 66’s Bayway Refinery, consisting of 2.0 million barrels of storage;
• A crude pipeline and terminal system that provides crude supply for the Phillips 66-operated Borger Refinery, consisting of 1,089 miles of pipeline and 400,000 barrels of storage; and
• A refined products pipeline and terminal system that provides product takeaway transportation services for the Phillips 66-operated Borger Refinery, consisting of 93 miles of pipeline, a 33 percent undivided interest in a 102-mile segment and a 54 percent undivided interest in a 19-mile segment of a 121-mile pipeline, a 50 percent interest in a 293-mile pipeline and 700,000 barrels of storage.
A detailed listing of these assets including names and maps is available on the Phillips 66 Partners website.
The terms of the transaction were approved by the board of directors of the general partner of Phillips 66 Partners, based on the approval and recommendation of its conflicts committee comprised solely of independent directors. The conflicts committee engaged Evercore to act as its financial advisor and Vinson & Elkins, L.L.P. to act as its legal counsel.
About Phillips 66 Partners
Headquartered in Houston, Texas, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and midstream assets.
http://www.businesswire.com/news/home/20161011005928/en/Phillips-66-Partners-Announces-1.3-Billion-Acquisition
Enterprising Investor
10年前
Buffett Bets $1 Billion More on Phillips 66 (8/29/16)
Berkshire Hathaway and its subsidiaries have raised its stake in the refiner to 15.2%.
By Ed Lin
Warren Buffett has shown a lot of love in 2016 for a stock that has been playing dead.
So far this year, Berkshire Hathaway (ticker: BRKB ) and its subsidiaries have paid about $1.39 billion for an additional 18 million more Phillips 66 ( PSX ) shares, according to regulatory filings, lifting its stake to 79,486,181 shares, or a 15.2% stake. Berkshire held 61,486,926 Phillips 66 shares at year-end 2015, an 11.8% stake. Percentage stakes are based on the refiner’s outstanding shares as of June 30.
In his much-scrutinized annual shareholder letter, released in February, Buffett touted Berkshire’s big four holdings — American Express ( AXP ), Coca-Cola, International Business Machines (IBM) and Wells Fargo ( WFC ) — as “excellent businesses” run by “talented and shareholder-oriented” managers. He didn’t single out Phillips 66 for commentary, but it was noted in a table that as of Dec. 31, Berkshire had paid $4.357 billion for 55.4 million Phillips 66 shares, or an average of $78.67 each, excluding 6.1 million shares held in subsidiary pension funds. In 2016, Berkshire paid an average of $77.23 each for the 18 million shares purchased.
Unfortunately, Phillips 66’s now 3.24% dividend yield has topped the lackluster share-price appreciation. Phillips 66 closed at $78.62 on Friday. Shares purchased in 2015 have on average lost a nickel each, excluding dividends, while those purchased this year have inched up a lowly 1.8%, excluding dividends.
Buffett, chairman and chief executive of Berkshire, turned heads when he disclosed that his stake in Phillips 66 had exceeded 10% in late August of last year. We were bullish on Phillips 66 at the time .
Phillips 66 shares did in fact rise through the end of 2015, as we noted. But good news hasn’t been gushing in 2016.
A disappointing fourth-quarter report in late January sent Phillips 66 shares sliding to the low $70s from the $80s. As the stock rallied back in the ensuing months to the high $80s, a disappointing first-quarter report in late April was a knockout blow — the stock would mostly trade sub-$80 going forward. In June, the company was one of several refiners who were issued subpoenas by California’s attorney general as part of an investigation into whether the companies artificially raised retail gasoline prices in the state. Investors braced themselves for the second-quarter report in late July, and even though both revenue and profits slid, the latter surprisingly topped expectations.
The latest issue is a standoff between members of the Standing Rock Sioux tribe and police guarding the construction site for a 1,154-mile pipeline that would carry oil from North Dakota. Phillips 66 owns 25% of the pipeline.
This year Buffett bought Phillips 66 shares mostly when the stock dipped throughout January and early February, and also late May and early June. His most recent purchases, totaling about $55 million, were made week. Buffett bought in blocks as small as 100 shares and as large as over a million shares.
http://www.barrons.com/articles/buffet-bets-1-billion-more-on-phillips-66-1472470538
Enterprising Investor
10年前
Sempra Energy Unit Agrees To Sell Stake In Rockies Express Pipeline (3/29/16)
SAN DIEGO, March 29, 2016 /PRNewswire/ -- Sempra U.S. Gas & Power, a unit of Sempra Energy (NYSE: SRE), today announced that it has entered into a purchase-and-sale agreement with a subsidiary of Tallgrass Development, LP to sell Sempra U.S. Gas & Power's 25-percent interest in the Rockies Express Pipeline (REX) for approximately $440 million in cash.
The transaction is subject to customary closing conditions and a right of first refusal. Sempra Energy expects the transaction to close in the second quarter and result in an after-tax loss of approximately $27 million.
Additionally, Sempra U.S. Gas & Power intends to permanently release the remaining uncontracted capacity that it holds on REX that it had been releasing on an interim basis. The effect of the permanent capacity release is expected to result in a charge to earnings of between $100 million and $120 million during the second quarter 2016, representing an acceleration of losses that would otherwise be realized over the contract term, which extends through November 2019. It is expected that the approximately $27 million after-tax loss from the sale, as well as the loss resulting from the permanent release of capacity, will be excluded from Sempra Energy's adjusted 2016 earnings guidance.
"After careful evaluation of our natural gas portfolio, we determined that our minority stake in REX is not consistent with our long-term growth strategy," said Patti Wagner, president and chief executive officer of Sempra U.S. Gas & Power. "While REX is an important part of the country's natural gas pipeline system, we believe that given the changing market conditions, we can more productively redeploy the proceeds from the REX sale into long-term growth opportunities that better meet our strategy and risk profile."
"While Sempra Energy's earnings from REX for March through December 2016 will be reduced by approximately $60 million, forecasted earnings from REX were expected to be immaterial to Sempra Energy beginning in 2020," said Joseph A. Householder, executive vice president and chief financial officer of Sempra Energy. "We expect to redeploy the sale proceeds to mitigate the loss of REX earnings in the near term and increase our long-term earnings profile."
Sempra Energy plans to provide updated adjusted earnings guidance for 2016 by the company's annual financial analyst conference on May 24, 2016.
Rockies Express Pipeline LLC is a Delaware limited liability company engaged in the ownership and operation of the Rockies Express Pipeline, a 1,712-mile natural gas transmission pipeline that extends from Opal, Wyoming, and Meeker, Colorado, to Clarington, Ohio, and is one of the largest natural gas pipelines ever constructed in North America. Rockies Express Pipeline LLC is a joint venture of: a subsidiary of Tallgrass Development, LP (50-percent share); Sempra U.S. Gas & Power (25-percent share); and a subsidiary of Phillips 66 (25-percent share). A wholly owned subsidiary of Tallgrass Development, LP operates the pipeline. Tallgrass Development, LP is a member of the Tallgrass Energy family of companies, which includes Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass Energy GP, LP (NYSE: TEGP).
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas projects. For more information, visit www.SempraUSGP.com. Sempra U.S. Gas & Power is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
http://www.prnewswire.com/news-releases/sempra-energy-unit-agrees-to-sell-stake-in-rockies-express-pipeline-300243178.html
Enterprising Investor
10年前
Phillips 66 Reports Fourth-Quarter Earnings of $650 Million or $1.20 Per Share (1/29/16)
Adjusted earnings of $710 million or $1.31 per share
Highlights
Fourth Quarter
• Generated $1.5 billion in cash from operations
• Refining achieved 94 percent utilization and record 85 percent clean product yield
• Sweeny Fractionator One and Clemens Caverns commenced operations
Full-Year 2015
• Earnings of $4.2 billion; operating cash flow of $5.7 billion
• Refining generated $2.6 billion of earnings
• Chemicals delivered $962 million in earnings amid declining commodity prices
• Received $1.5 billion from Phillips 66 Partners debt and equity offerings
• Capital spending of $4.3 billion, excluding $1.5 billion DCP Midstream contribution
• Midstream growth capital of $2.8 billion
• Increased quarterly dividend 12 percent to $0.56 per common share
• Returned $2.7 billion of capital to shareholders through dividends and share repurchases
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces fourth-quarter earnings of $650 million, compared with earnings of $1,578 million in the third quarter of 2015. Adjusted earnings, excluding special items of $60 million, were $710 million.
“We operated well in the quarter, as refining capacity utilization remained high and clean product yield increased," said Greg Garland, Chairman and CEO. "We also reached a significant milestone with the Sweeny Fractionator One and Clemens Caverns coming online. Solid execution in the fourth quarter generated $1.5 billion of cash from operations, and we returned over $700 million to shareholders through dividends and share repurchases."
"Our financial performance in 2015 demonstrates the resiliency of our diversified portfolio in a low commodity price environment. We create value by focusing on operating excellence, enhancing Refining returns, and delivering on our Midstream and Chemicals growth programs. Our balance sheet is strong, and we maintain a disciplined approach to capital allocation. We remain firmly focused on these core priorities in 2016."
Midstream
[tables deleted]
Phillips 66's Midstream fourth-quarter adjusted earnings were $42 million, a decrease of $49 million from the third quarter.
Phillips 66’s Transportation business generated adjusted earnings of $78 million during the fourth quarter, consistent with the third quarter.
NGL adjusted losses were $2 million for the fourth quarter. The $34 million decrease from the prior quarter was largely driven by the timing of adjustments related to the tax extenders bill, signed in December, as well as additional costs associated with the Sweeny Hub.
Phillips 66 Partners (PSXP) contributed $37 million to the Midstream segment's fourth-quarter earnings. PSXP's limited partner distribution increased to $0.458 per unit, a 7 percent increase from the third quarter. Distributions to Phillips 66 from PSXP increased 14 percent in the fourth quarter, compared with the prior quarter, reflecting the impact of incentive distribution rights.
For the fourth quarter of 2015, the company’s equity investment in DCP Midstream, LLC (DCP Midstream) had an adjusted loss of $34 million, compared with an $18 million adjusted loss in the prior quarter. DCP Midstream's lower results were primarily due to lower natural gas and natural gas liquids marketing margins, as well as the impact of lower commodity prices.
During the fourth quarter, DCP Midstream recognized asset impairments primarily as a result of the continuing low commodity price environment. The impairments negatively impacted earnings from Phillips 66’s equity investment in DCP Midstream by $104 million after-tax, and were excluded from adjusted earnings.
Chemicals
The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem). Fourth-quarter Chemicals adjusted earnings were $182 million, compared with adjusted earnings of $272 million in the third quarter.
During the fourth quarter, CPChem's Olefins and Polyolefins business contributed $181 million to Phillips 66's Chemicals earnings. This was a decrease of $80 million compared with the prior quarter largely due to reduced margins, as well as decreased equity earnings. Turnaround and maintenance activity in the fourth quarter increased operating costs and decreased global utilization for O&P to 92 percent compared with 94 percent in the third quarter.
CPChem's Specialties, Aromatics and Styrenics business contributed $9 million of adjusted earnings in the fourth quarter, a decrease of $8 million from the prior quarter primarily due to lower earnings at CPChem's SA&S equity affiliates as a result of planned turnarounds and lower margins.
Chemicals earnings for the fourth quarter were positively impacted by a $34 million tax adjustment. This item was excluded from adjusted earnings.
Refining
Refining adjusted earnings were $376 million in the fourth quarter, compared with $1,052 million in the third quarter.
The decrease in earnings was largely driven by lower realized margins due to a 35 percent decline in global market cracks compared to the third quarter. Fourth-quarter gasoline market cracks dropped to $12.72 per barrel, compared with $21.44 per barrel during the third quarter, while distillate cracks declined from $15.67 per barrel to $12.86 per barrel for the same period.
Market capture increased to 74 percent, compared with 72 percent in the prior quarter. Phillips 66's refining utilization and worldwide clean product yield were 94 percent and 85 percent, respectively, in the fourth quarter. Turnaround costs for the fourth quarter were $130 million pre-tax, primarily relating to the Western/Pacific Region.
Refining's earnings in the fourth quarter were impacted by certain tax impacts, including a $91 million benefit resulting from a change in German tax law. Additionally, the WRB joint venture recognized a lower-of-cost-or-market inventory adjustment resulting from declining commodity prices, which negatively impacted earnings from Phillips 66’s equity investment in WRB Refining LP by $33 million after-tax. These items were excluded from adjusted earnings.
Marketing and Specialties
Marketing and Specialties (M&S) fourth-quarter adjusted earnings were $227 million, compared with $344 million in the third quarter.
Adjusted earnings for Marketing and Other were $198 million, a decrease of $93 million from the prior quarter. The decrease in earnings was largely due to lower realized margins driven by less favorable market conditions relative to the third quarter. Refined product exports in the fourth quarter were 127,000 barrels per day (BPD), compared with 118,000 BPD in the prior quarter.
Phillips 66’s Specialties businesses generated adjusted earnings of $29 million during the fourth quarter. The $24 million decrease from the prior quarter was mainly due to reduced base oil margins, as well as lower finished lubricants margins and volumes.
Corporate and Other
Corporate and Other adjusted costs were $117 million after-tax in the fourth quarter, an increase of $5 million compared with the prior quarter.
Financial Position, Liquidity and Return of Capital
During the fourth quarter, Phillips 66 generated $1.5 billion of cash from operations. Operating cash flow excluding working capital changes was $1.8 billion. Capital expenditures and investments totaled $2.5 billion, supporting execution of the company's Midstream growth strategy, as well as the DCP Midstream recapitalization. The recapitalization, which included the company's $1.5 billion contribution to DCP Midstream, provides DCP Midstream with a stronger balance sheet and increased financial flexibility through the commodity cycle.
Phillips 66 returned $704 million to shareholders during the quarter, consisting of $298 million in dividends and the repurchase of 4.7 million shares of common stock for $406 million. For the year, the company repurchased 19.3 million shares of common stock for $1.5 billion, paid $1.2 billion in dividends, and increased the quarterly dividend by 12 percent. Since July 2012, the company has repurchased 92.5 million shares for $6.4 billion. Phillips 66 ended the quarter with 529 million shares outstanding.
As of Dec. 31, 2015, cash and cash equivalents were $3.1 billion and debt was $8.9 billion, including $1.1 billion at Phillips 66 Partners. The company's consolidated debt-to-capital ratio was 27 percent. Excluding Phillips 66 Partners, the debt-to-capital ratio was 25 percent. Additionally, Phillips 66 reported a 2015 return on capital employed (ROCE) of 14 percent.
Strategic Update
The company continues to execute on its plan to grow the Midstream and Chemicals businesses, while maintaining commitments to shareholder distributions, financial flexibility and a strong balance sheet. Midstream growth is fueled in part by robust operating cash flows generated by the company’s Refining and M&S operations. In addition, PSXP provides a cost-efficient vehicle to fund that growth and invest in fee-based infrastructure, as demonstrated by the $1.5 billion raised by PSXP in debt and equity offerings in the first quarter of 2015.
The company continued development of the Sweeny Hub with the 100,000 BPD Sweeny Fractionator One and Clemens Caverns projects, which came online in the fourth quarter. Construction of the 150,000 BPD Freeport LPG Export Terminal is on schedule and on budget with startup expected in the second half of 2016.
The company is participating in joint ventures to develop the approximately 470,000 BPD Dakota Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP) system. Phillips 66 has a 25 percent interest in these joint ventures with Energy Transfer Partners and Sunoco Logistics Partners. Commercial operations are expected to begin in the fourth quarter of 2016.
In the fourth quarter of 2015, Phillips 66 Partners acquired Phillips 66's interest in the Bayou Bridge Pipeline joint venture. The joint venture was created to develop a pipeline from the Phillips 66 and Sunoco Logistics terminals in Nederland, Texas, to St. James, Louisiana. Construction is underway on the first segment of the pipeline, which will deliver crude oil from Nederland to Lake Charles, Louisiana. Commercial operations on this segment are expected to begin by the end of first-quarter 2016.
In Chemicals, overall progress on CPChem's world-scale U.S. Gulf Coast Petrochemicals Project is now approaching 70 percent completion, with startup expected in mid-2017. This project consists of an ethane cracker and related polyethylene facilities that will increase CPChem's U.S. ethylene and polyethylene capacity by more than 40 percent.
Later today, members of Phillips 66 executive management will host a webcast at noon EST to discuss the company’s fourth-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on "Events & Presentations." For detailed supplemental information, go to www.phillips66.com/supplemental.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is an integral asset in the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $49 billion of assets as of Dec. 31, 2015. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
http://www.businesswire.com/news/home/20160129005224/en/Phillips-66-Reports-Fourth-Quarter-Earnings-650-Million
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