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January 29, 2014
08:04 EDTPSX, PSXPPhillips 66 growing Midstream and Chemicals through $4.6B capital program
Phillips 66 is growing its Midstream and Chemicals segments, while enhancing returns in Refining. As previously announced, the company is implementing this strategy through its planned $4.6B 2014 capital program, including its share of joint venture capital spending of $1.9B. In Midstream, as previously announced, the company is advancing development of a 100,000 barrel-per-day natural gas liquids fractionator to be located in Old Ocean, Texas. Phillips 66 also expects to build a liquefied petroleum gas terminal in Freeport, Texas, to help meet growing global demand. Final investment decisions for these projects will be submitted for board approval during the first quarter of 2014. The company will also seek growth opportunities through Phillips 66 Partners (PSXP). By the end of the fourth quarter, the company’s Transportation business had taken delivery of all 2,000 railcars it ordered in 2012. The new railcars are being used to transport advantaged crude to Phillips 66 refineries. The company successfully completed an open-season for the Cross-Channel Connector project, which will include reactivating an idled pipeline to connect refineries and storage terminals on the south side of the Houston Ship Channel with pipeline systems on the north side.
News For PSX;PSXP From The Last 14 Days
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July 22, 2015
15:31 EDTPSXPPhillips 66 Partners raises quarterly dividend 8%
Phillips 66 Partners announced that the board of its general partner declared a Q2 cash distribution of 40c per common unit. This quarter’s distribution represents an increase of 8% over the previous quarterly distribution of 37c per unit and a 33% increase over Q2 of 2014. The distribution increase is consistent with previous guidance that the partnership expects a 30% compound annual distribution growth rate from the last quarter of 2013 through 2018. The Q2 distribution is payable August 12 to unitholders of record as of August 3.
July 14, 2015
10:01 EDTPSXOn The Fly: Analyst Downgrade Summary
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06:05 EDTPSXPhillips 66 downgraded to Neutral from Buy at Goldman
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