phillips 66 (PSX) Key Developments
Phillips 66 Announces Earnings Results for the Second Quarter of 2015; Provides Financial Guidance for the Year 2015
Jul 31 15
Phillips 66 announced earnings results for the second quarter of 2015. For the quarter, the company reported adjusted earnings of $1 billion or $1.83 per share. The company generated strong cash flow. It used $1.2 billion of cash flow to support Midstream growth and to maintain operating integrity of Refining system. The sharp fall in a year-on-year basis was due to Phillips 66's notable performance during the second quarter of 2014, when the firm benefitted from higher realised olefins and polyolefins chain margins at its Chevron Phillips Chemical (CP Chem) joint venture with US major Chevron.
For 2015, company-wide, it expects the effective income tax rate to be in the mid-30s. As for 2015 capital expenditures, its original $4.6 billion guidance remains unchanged.
Phillips 66, Energy Transfer and Sunoco Logistics Form Joint Venture to Construct Crude Oil Pipeline from Nederland, Texas, to Louisiana Refinery Market
Jul 30 15
Phillips 66, Energy Transfer Partners, L.P. and Sunoco Logistics Partners L.P. announced that they have formed a joint venture to construct the Bayou Bridge pipeline that will deliver crude oil from the Phillips 66 and Sunoco Logistics terminals in Nederland, Texas, to Lake Charles, Louisiana. The joint venture will also launch an expansion open season for service to the market hub in St. James, Louisiana. Phillips 66 holds a 40% interest in the joint venture and Energy Transfer and Sunoco Logistics each hold a 30% interest. Sunoco Logistics will be the operator of the system.
Phillips 66 Seeks To Sell Whitegate Refinery
Jul 14 15
Phillips 66 (NYSE:PSX) is seeking to sell its Whitegate refinery.
Phillips 66 Declares Quarterly Dividend, Payable on September 1, 2015
Jul 8 15
The board of directors of Phillips 66 has declared a quarterly dividend of 56 cents per share on Phillips 66 common stock. The dividend is payable on September 1, 2015, to shareholders of record as of the close of business on August 17, 2015.
Phillips 66 to Report Q2, 2015 Results on Jul 31, 2015
Jun 18 15
Phillips 66 announced that they will report Q2, 2015 results at 12:00 PM, US Eastern Standard Time on Jul 31, 2015