Phillips 66's Stock Analysis

Phillips 66 Increases Securitization Facility to $1.25 Billion

On September 29, 2025, Phillips 66 amended its accounts receivable securitization program, increasing the maximum facility size from $1 billion to $1.25 billion. This change is part of the Third Amendment to the Receivables Purchase and Financing Agreement, which also extends the maturity date from September 29, 2025, to September 28, 2026.

The amendment involves several parties, including Phillips 66 Receivables LLC and PNC Bank, National Association. This adjustment in the securitization program may provide the company with increased liquidity and financing options, which could be relevant for investors tracking the company's financial health and operational flexibility.

Sep 30, 2025 16:30:14

Phillips 66 Announces $2 Billion Junior Subordinated Notes Offering

Phillips 66 Company has entered into a Terms Agreement for a public offering of $1 billion in 5.875% Series A Junior Subordinated Notes and $1 billion in 6.200% Series B Junior Subordinated Notes, both due in 2056. These notes will be fully guaranteed by Phillips 66 and issued under a Subordinated Indenture dated September 18, 2025.

The offering is registered under the company's registration statement filed on July 28, 2025. Legal and tax opinions related to the offering have been provided by Gibson, Dunn & Crutcher LLP. Relevant documents, including the Terms Agreement and Indenture, have been filed as exhibits and are incorporated by reference.

Sep 18, 2025 16:23:46

Phillips 66 Acquires Remaining Interest in WRB Refining LP

Phillips 66 announced a definitive agreement to acquire the remaining 50% equity interest in WRB Refining LP from Cenovus Energy Inc. for $1.4 billion, subject to customary adjustments. This acquisition will provide Phillips 66 full ownership of the Wood River and Borger refineries, which have a combined crude throughput capacity increase of approximately 250 MBD, enhancing the company's refining capacity.

The transaction is expected to close in the fourth quarter of 2025 and is anticipated to generate operational and commercial synergies of around $50 million annually. The integration of these assets with Phillips 66's existing operations is expected to unlock opportunities for projects aimed at delivering long-term shareholder value.

Sep 09, 2025 08:18:45

Phillips 66 Ordered to Pay $195 Million in Damages

On July 30, 2025, a California court ordered Phillips 66 Company to pay $195 million in exemplary damages to Propel Fuels Inc., in addition to $604.9 million in compensatory damages previously awarded. The court's decision follows a lawsuit in which Propel Fuels sought $1.2 billion in exemplary damages.

Phillips 66 Company denies any wrongdoing and plans to appeal the court's decision. The company believes that the jury's verdict and the award of exemplary damages are not supported by the law or facts. However, there is no guarantee that the appeal will be successful.

Aug 06, 2025 16:36:28

Phillips 66 Reports Strong Q2 Earnings and Cash Flow

Phillips 66 reported second-quarter earnings of $877 million, or $2.15 per share, with adjusted earnings of $973 million, or $2.38 per share. The results included $239 million in pre-tax accelerated depreciation related to the Los Angeles Refinery. The company achieved a refining capacity utilization of 98% and a clean product yield of 86%. In addition, Phillips 66 generated $845 million in net operating cash flow and returned $906 million to shareholders through dividends and share repurchases.

During the quarter, Phillips 66 completed the acquisition of Coastal Bend and announced the sale of a 65% interest in its retail marketing business in Germany and Austria. The Midstream segment saw increased adjusted pre-tax income due to higher volumes from the acquisition. The company also reported improved results in Refining, Marketing, and Renewable Fuels, while the Chemicals segment experienced a decline in adjusted pre-tax income due to lower margins. As of June 30, 2025, Phillips 66 had $1.1 billion in cash and cash equivalents and $3.7 billion available under credit facilities.

Jul 25, 2025 07:16:57

Phillips 66 Elects New Directors Amid Shareholder Vote Results

Phillips 66 announced the preliminary results of its annual shareholder meeting, where shareholders elected two company nominees, Robert W. Pease and Nigel Hearne, along with two nominees from Elliott Management, Sigmund L. Cornelius and Michael A. Heim. The company noted that the management proposal to declassify the Board did not receive the necessary votes for approval, although it garnered significant support. Additionally, shareholders voted against a proposal from Elliott requiring annual director resignations, aligning with the Board's recommendation.

Mark Lashier, Chairman and CEO of Phillips 66, expressed gratitude towards the outgoing directors and emphasized the Board's commitment to creating long-term value for shareholders. The results remain preliminary until finalized by the independent Inspector of Election, with final results to be reported in a Form 8-K filed with the Securities and Exchange Commission.

May 21, 2025 16:25:11

Phillips 66 Divests Majority Interest in European Retail Business

Phillips 66 has announced an agreement to divest a 65 percent interest in its retail marketing business in Germany and Austria to a consortium formed by investment firms Energy Equation Partners and Stonepeak. The transaction values this business at approximately €2.5 billion ($2.8 billion) and is expected to generate pre-tax cash proceeds of around €1.5 billion ($1.6 billion) for Phillips 66. The company will maintain a 35 percent non-operated interest through a joint venture and will continue to supply products from a refinery under a multi-year agreement.

The deal is part of Phillips 66's strategy to optimize its portfolio and is anticipated to close in the second half of 2025, pending regulatory approvals. The proceeds from this divestiture will be allocated to support the company's strategic priorities, including debt reduction and shareholder returns. The Germany and Austria retail business includes 970 sites, predominantly JET-branded, highlighting its significant presence in the region.

May 15, 2025 09:14:12

Phillips 66 Reports First-Quarter Earnings and Shareholder Returns

Phillips 66 reported first-quarter earnings of $487 million, translating to $1.18 per share. However, the company faced an adjusted loss of $368 million, or $0.90 per share, primarily due to significant pre-tax accelerated depreciation related to its Los Angeles Refinery. The company returned $716 million to shareholders through dividends and share repurchases during the quarter, indicating a commitment to shareholder value despite the financial challenges faced in the current macro environment.

In addition to its financial results, Phillips 66 received $2.0 billion from the sale of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC. The company also announced plans for a new gas processing plant in the Permian, which aligns with its integrated wellhead-to-market strategy. The recent acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade LP further supports its operational expansion in the energy sector.

Apr 25, 2025 09:32:42

Phillips 66 Completes $2.2 Billion EPIC NGL Acquisition

Phillips 66 has finalized its acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP for approximately $2.2 billion. This acquisition aims to enhance Phillips 66's capabilities in delivering energy products and is expected to provide producers with improved flow assurance. The EPIC NGL assets include fractionation facilities and pipelines that connect production supplies to key markets, further integrating with the company's existing operations. Additionally, there are ongoing expansion projects to increase pipeline capacity in the coming years.

However, the company acknowledges potential risks associated with the acquisition, including the possibility of not fully realizing the expected benefits and facing unexpected costs. Changes in governmental regulations, market fluctuations, and operational challenges may also impact the success of the acquisition. Phillips 66 has outlined various risks that could affect its future performance, emphasizing the uncertainties that accompany such significant transactions.

Apr 01, 2025 17:15:50

Phillips 66 Reports $2.1 Billion Earnings for Full Year 2024

Phillips 66 reported earnings of $8 million for the fourth quarter of 2024, a significant drop from $346 million in the previous quarter. The earnings were negatively impacted by $230 million in accelerated depreciation related to the Los Angeles Refinery. The company also faced an adjusted loss of $61 million for the quarter, compared to adjusted earnings of $859 million in the third quarter. Despite these challenges, Phillips 66 successfully returned $1.1 billion to shareholders through dividends and share repurchases during the quarter and achieved record volumes in NGL fractionation and LPG exports in its Midstream segment.

On a positive note, Phillips 66's full-year earnings reached $2.1 billion or $4.99 per share, with adjusted earnings of $2.6 billion or $6.15 per share. The company generated $4.2 billion in operating cash flow and returned $5.3 billion to shareholders throughout the year. Additionally, Phillips 66 surpassed its target of $3 billion in announced asset dispositions and achieved significant run-rate business transformation savings of $1.5 billion. The company also reported a second consecutive year of above-average crude utilization in its refining operations.

Jan 31, 2025 09:36:07