[abrooklyn]

Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress

Source: Business Wire
First-Quarter Results

First-quarter earnings of $748 million or $1.73 per share; adjusted earnings of $822 million or $1.90 per share
$1.6 billion returned to shareholders through dividends and share repurchases
Refining operated at 92% crude utilization
Recently announced 10% increase to the quarterly dividend to $1.15 per common share
Earned industry recognition for 2023 exemplary safety performance in Midstream, Refining and Chemicals
Strategic Priorities Highlights

Returned $9.9 billion to shareholders through dividends and share repurchases since July 2022
On track to achieve $1.4 billion of business transformation cost and sustaining capital savings by year-end 2024
Launched process to divest retail marketing assets in Germany and Austria
Commenced operations at Rodeo Renewable Energy Complex
Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced first-quarter earnings of $748 million, compared with earnings of $1.3 billion in the fourth quarter. Excluding special items of $74 million, the company had adjusted earnings of $822 million in the first quarter, compared with fourth-quarter adjusted earnings of $1.4 billion.

“In the first quarter, we progressed our strategic priorities and returned $1.6 billion to shareholders,” said Mark Lashier, president and CEO of Phillips 66. “While our crude utilization rates were strong, our results were affected by maintenance that limited our ability to make higher-value products. We were also impacted by the renewable fuels conversion at Rodeo, as well as the effect of rising commodity prices on our inventory hedge positions. The maintenance is behind us, our assets are currently running near historical highs and we are ready to meet peak summer demand.

“We recently launched a process to sell our retail marketing business in Germany and Austria, consistent with our plan to divest non-core assets. A major milestone was achieved with the startup of our Rodeo Renewable Energy Complex, positioning Phillips 66 as a world leader in renewable fuels.

“We remain committed to delivering increased value to our shareholders. We have returned $9.9 billion to shareholders through share repurchases and dividends since July 2022, on pace to meet our target of $13 billion to $15 billion by year-end 2024. Our strategic priorities put us on a clear path to achieve our $14 billion mid-cycle adjusted EBITDA target by 2025 and return over 50% of operating cash flows to shareholders.”

[FarazD]

Anyone happen to know if acquisitions might be in the works anytime soon?

[doczaius]

You got that right mofo

[skinnyman1967]

Now isn’t the time to sit on sidelines? So many ways to make profit in this crazy market? We will never see the market at or below 18,000 again?? Are you seeing a Pattern yet? I have big time? And today seeing up this morning? We will be over 24,000 ??in just one month recovered all of our losses? Well stay safe and good luck.

Cheers

[totffe]

We have a lot more pain to endure before we see improvement. This dead cat bounce in the market is a good time to get out and be patient.

https://www.rigzone.com/news/wire/some_american_oil_selling_at_under_10_a_barrel-30-mar-2020-161565-article/

[skinnyman1967]

Next week we’re going to see, a major and exciting news Monday or Tuesday when Donald Trump will speak about the controlled testing 10,000 people in New York regarding these two drugs that have extremely exciting news fighting this coronavirus. When we get the news we are going to see huge jumps that’s so many stocks set a new record highs. Now is the time to look seriously at all that call options that will bring well over 10,000% returns!!! So once I get in Monday morning I’ll be doing the happy dance.. these prices we haven’t seen in over 20yrs. So sitting at $51 dollars is crazy undervalued. Only 2 months ago we were sitting at $120. I truly believe 100% we are going to experience a huge bounce to the minimum hitting a $100 if you get in PSX Monday morning with in a few weeks we will make over a 10,000 % returns. I believe 100% we hit bottom this past week. So any one that was sitting on sidelines now is the time to buy buy and look into all the call options $$$$
Go luck and Cheers to everyone

[skinnyman1967]

Every seeing this PSX ready to spring back to 100 in the next few weeks??
Buy up every call option at 100 !!!
$10,000 turns in it $huge$ returns!!!
Enjoy the ride every one

Cheers!!!!!

[skinnyman1967]

Buy buy, today is the come back . The big V starts today this is when the huge Barnes returns back to 29,500 with in weeks?? Dont miss the boat!!

Cheers

[Adam16]

Super cheap here imo crazy

[skinnyman1967]

Who would ever imagine that you could get in this being so cheap!!!! WOW today is the day sitting onlines waiting for the perfect storm!!! This is going to make alot of people very rich!!! Buy up all the CALLS you can. And sit back and enjoy your account grow so fast !!! And if it doesn’t give you a cardiac arrest of overexcitement this is going to be huge watch and see!!!
Just buy a shit ton of calls so so cheap!!!!

Cheers

[whytestocks]

News: $PSX This 6.2%-Yielding Dividend Stock Continues to Prove It's an Excellent Income Investment

Phillips 66 Partners (NYSE: PSXP) has been an excellent dividend stock over the years. The master limited partnership ( MLP ) has increased its payout every quarter since its initial public offering ( IPO ) in 2013, recently notching its 23rd straight increase. With its latest raise -...

Read the whole news PSX - This 6.2%-Yielding Dividend Stock Continues to Prove It's an Excellent Income Investment

[skinnyman1967]

Have a great feeling , its going to break 100 this week!!!!!! With Q coming out by the end of This month. I believe there earnings are going to be through the roof? If im right it will pass 52 week high!!!!!!

[skinnyman1967]

Have a great feeling , its going to break 100 this week!!!!!! With Q coming out by the end of This month. I believe there earnings are going to be through the roof? If im right it will pass 52 week high!!!!!!

[ITMS]

Phillips 66 Is Showing Weak Relative Strength, Watch This Trade Level

Phillips 66 (NYSE:PSX) is a leading manufacturer of chemicals and oil refining products. The stock peaked out on January 24, 2018 at $107.42 a share. Since that high pivot, the stock has sold off sharply and is now trading around the $92.68 level today. Last week, PSX stock tested the 200-day moving average at $89.14. So far, that level has held up as support. Should PSX stock trade and close below this key moving average it would signal another decline is likely for the stock. The next key support area for PSX stock will be around the $82.00 level. This area is where the 200-week moving average is at. Generally, the first move down into a key moving average will serve as support when tested.




Nicholas Santiago
InTheMoneyStocks

[benfrankledger]

Phillips PSX and Enbridge ENB announce plans to build a major pipeline from west Texas' Permian Basin to the Gulf Coast, with connectivity to more than 3M bbl/day of refining capacity and multiple dock facilities capable of crude oil exports.

[$Pistol Pete$]

$PSX Daily and Weekly Charts

[benfrankledger]

Based on 2017 earnings, Phillips 66 trades at 30 times trailing earnings. That, however, is primarily due to low refining margins. The company's average price-to-earnings over the course of its life is just over ten times trailing earnings. This is due to good better refining margins in previous times, and so, it would not be accurate to call Phillips 66 "expensive" - at least not for that reason.

[benfrankledger]

For the past few quarters, Phillips 66 has been spending well above its cash flow. Year to date, it generated $2.6 billion in cash flow from operations and distributed $2.2 billion to shareholders, with another $1.3 billion in capital expenditure. Stripping all else out, the company therefore burned through $900 million in cash this quarter.

[benfrankledger]

Refining is a volatile business. Margins can, and do, fluctuate all the time, and so Phillips 66's earnings can be lumpy. Such was the case this quarter. Refining margins expanded, which led to much higher earnings year on year. Historically speaking, refining margins in 3Q 2016 were pretty low.

[eFinanceMarkets]

Top east coast refiner shuns Bakken delivery as Dakota Access Pipeline starts

Philadelphia Energy Solutions, the east coast's largest refiner, will take just five rail deliveries of North Dakota's Bakken crude oil in May and none in June, Reuters reports, a sign that the impending start of the Dakota Access Pipeline is upending trade flows.

At its peak, PES would have routinely taken ~3 miles' worth of trains filled with Bakken oil each day during its 2013-15 peak, but it will be more lucrative for producers to transport oil to Gulf coast refineries after Dakota
Access begins interstate crude oil delivery on May 14.

The long-delayed pipeline will provide a boost for Bakken prices and is seen as unofficially ending the crude-by-rail boom that had revived east coast refining operations.

The east coast reportedly has averaged just ~100K bbl/day of crude rail deliveries in recent weeks; east coast refiners operated by Phillips 66 (PSX -0.3%) and PBF Energy (PBF +0.2%) are still receiving modest volumes of Bakken crude.

PES is owned by Carlyle Group (CG) and a subsidiary of Energy Transfer Partners (ETP +0.7%).

[ValueInvestor15]

Cashflow models imply Phillips 66 $PSX has small upside before earnings Friday:

Fair Value Analysis

[Enterprising Investor]

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]

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]

Phillips 66 cuts output at Linden refinery amid weak margins: source (8/30/16)

By Jarrett Renshaw

Phillips 66 has cut production by roughly five percent at its 238,000 barrel-per-day refinery in Linden, New Jersey, amid weak refining margins, according to a source familiar with the plant's operations.

Phillips 66 joins Monroe Energy's 185,000 barrel-per-day refinery in Trainer, Pennsylvania, in making economic run cuts on the East Coast. Monroe Energy, a subsidiary of Delta Air Lines, continues to run the refinery at roughly 150,000 bpd following run cuts that began in July, a source said Tuesday.

Phillips 66 did not immediately return a request for comment.

The U.S. gasoline crack spread, an indicator of how much refiners make from converting a barrel of oil into a barrel of gasoline, remains at its lowest level in the past five years.

The U.S. diesel crack spread also remains at five-year lows.

U.S. and global refining margins have been hurt by historically high gasoline and diesel inventories. Refining executives and analysts across the globe are predicting refiners are going to be forced to scale back production to reduce inventories, balance the market and boost margins.

East Coast refineries see some of the weakest margins due in part to their supply constraints, and experts predict they would be among the first to cut runs.

Philadelphia Energy Solutions, the largest East Coast refinery, is currently running at full capacity, a source told Reuters Tuesday. It was not immediately known whether PBF Energy has made cuts at either of its East Coast refineries, one in Delaware City, Delaware and the other in Paulsboro, New Jersey.

PBF plans on shutting down the 55,000 bpd gasoline-making unit at its Paulsboro refinery in mid-September for up to eight weeks of planned work.

http://www.reuters.com/article/us-refinery-operations-phillips-66-baywa-idUSKCN11523G

[Enterprising Investor]

Got it right in 2012. And BRK keeps buying.

Validation!

As soon as the spinoff was announced, I immediately wondered which stake would increase over time. My expectation was that future money would go into PSX. I also envisioned a decrease in COP if total funds invested were purely reallocated.

COP has to allocate capital to find more oil and gas. PSX is more of a "toll bridge".

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77486521

[Enterprising Investor]

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

[PennyStockPickz]

Buffet buying in will certainly bring investors eyes to this one! Will be watching closely for an entry next week.

[Prosper/high]

Bullish http://www.thestreet.com/story/12666787/1/will-this-price-target-increase-help-phillips-66-psx-today.html

[Enterprising Investor]

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

[$Pistol Pete$]

$PSX Daily and Weekly Charts

[$Pistol Pete$]

$PSX Daily and Weekly Charts