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December 13, 2012
08:26 EDTPSX, SEPhillips 66 sees DCP Midstream to spend $5B-$7B on growth in 2011-15
DCP Midstream, the 50/50 joint venture of Phillips 66 (PSX) and Spectra Energy (SE), seen growing processing volume to about 6.0 bcf/d by 2015 from 5.4 bcf/d in 2011. Phillips 66 sees DCP Midstream adding 8 or more plants by 2015 and growing assets to over $15B from about $10B in 2011. Sees JV's NGL production growing to over 500 MBPD by 2015. Comments from slides for analyst day.
News For PSX;SE From The Last 14 Days
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February 4, 2016
13:27 EDTPSXPhillips 66 rises after Buffett adds to position
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08:41 EDTSESpectra Energy sees 2016 EBITDA $2.9B, DCF $1.31B
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07:12 EDTSESpectra Energy, Spectra Energy Partners provide assumptions for three-year plan
The company assumes: For all three years, natural gas liquids prices of 42 cents per gallon; natural gas prices of $2.50 per thousand cubic feet; and crude oil prices of $45 per barrel; Maintenance CapEx of $615 million in 2016, $625 million in 2017, and $640 million in 2018; Cash tax rates of 1.8% in 2016, 4.2% in 2017, and 14.8% in 2018; Investment of approximately $6 billion in expansion capital over the plan period, with $3.0 billion invested in 2016, $1.9 billion in 2017 and $1.2 billion in 2018; SEP's share of CapEx is about 61% in 2016, 68% in 2017, and 81% in 2018.
07:11 EDTSESpectra Energy expects dividend increase of 14c per share annually through 2018
Sees dividend coverage of 1.2x in 2016, 1.3x in 2017, and 1.1x in 2018.
07:10 EDTSESpectra Energy expects 2016 DCF up 6% to $1.4B
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February 3, 2016
13:55 EDTSESpectra Energy and Spectra Energy Partners to host analyst and investor meeting
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12:24 EDTSEOn The Fly: Top stock stories at midday
Stocks on Wall Street began the day in positive territory thanks in part to higher oil prices, dovish comments from NY Fed Governor Bill Dudley and a positive jobs report from ADP. The early gains were short lived, as the market saw its highest prices at the open and then drifted lower, gaining downside momentum after two reports on the services sector both pointed to a deceleration. After the Dow lost more than 100 points, the market found a level and bounced back, leaving the averages lower but off their worst levels near noon. ECONOMIC EVENTS: In the U.S., ADP estimated that private payrolls grew by 205,000 jobs in January, topping the consensus forecast for 190,000 job additions. Markit's services PMI came in at 53.2, versus the consensus 53.7 forecast. The Institute for Supply Management's non-manufacturing index came in at 53.5 for January, down from 55.3 in the previous month and below the 55.1 reading forecast by analysts. In Asia, the Caixin services PMI for China climbed to 52.4 in January from 50.2 in December, while Japan's services PMI rose to 52.4 from 51.5 in the prior month. Additionally, China's National Development and Reform Commission set its economic growth projection range for this year at 6.5%-7%, noting that attempts to curb overcapacity will increase unemployment in provinces with high output of steel and coal. In Europe, Markit's composite purchasing managers index for January declined to 53.6 from 54.3 in December. COMPANY NEWS: Shares of Yahoo (YHOO) declined 6% after the embattled Internet company reported fourth quarter results and announced plans to simplify its product portfolio and reduce its workforce by roughly 15%. Maynard Webb, Yahoo's Chairman, said the company's board is committed to its turnaround efforts and supportive of management's plan, but also believes that exploring additional strategic alternatives is in the best interest of its shareholders, though the acknowledgment that the company will "engage on qualified strategic proposals" did little to boost its shares this morning... Chipotle Mexican Grill (CMG) fell 4% after reporting lower than expected revenue and stating that its same-store sales had plunged more than 14% last quarter. Additionally, the burrito chain disclosed that it was served with a subpoena broadening the scope of the previously-announced criminal investigation that was limited to a single Chipotle restaurant in California. As Chipotle shares continue to get punished over the company's food safety issues, another stock was hit today by a similar fear, as Buffalo Wild Wings (BWLD) slid 6% after one of its locations was named as a suspected source of new cases of people suffering from norovirus-like symptoms in suburban Kansas City. However, the company said there "is no conclusive link to [its] restaurant being the source of the illness" and that the location reopened on Wednesday after a consultation with the health department... Merck (MRK) was one of the worst performers on the Dow, sliding nearly 3% after its earnings narrowly topped expectations but its guidance for the new fiscal year fell short of expectations. Among other large cap names reporting earnings this morning, Comcast (CMCSA) rose 4% following its report, while General Motors (GM) slid 4%. MAJOR MOVERS: Among the notable gainers was Autodesk (ADSK), which rallied more than 8% after it announced a restructuring plan that involves reducing its workforce by roughly 10%. Also higher were Energizer (ENR), Spectra Energy (SE), and Avery Dennison (AVY), which gained 15%, 7%, and 7%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Lowe's (LOW), which fell 7% after it agreed to acquire Canada's RONA in a deal valued at $2.3B. Also lower were Mondelez (MDLZ), Match Group (MTCH), and MPLX (MPLX), which were down 7%, 14%, and 19%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was down 13.22, or 0.08%, to 16,140.32, the Nasdaq was down 48.09, or 1.06%, to 4,468.85, and the S&P 500 was down 11.42, or 0.6%, to 1,891.61.
11:37 EDTPSXOptions with increasing put volume; PSX CDNS DF WDR MELI MAS NOV WSM DB
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06:39 EDTSESpectra Energy announces annual dividend increase of 14c per share for FY16
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06:32 EDTSESpectra Energy reports Q4 EPS 28c, consensus 32c
Reports Q4 operating revenue $1.32B, consensus $1.54B.
February 2, 2016
14:32 EDTSENotable companies reporting before tomorrow's open
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February 1, 2016
09:02 EDTSESpectra Energy management to meet with JPMorgan
Meetings to be held in Boston/Philadelphia on February 4 and in Boston on February 5 hosted by JPMorgan,
January 31, 2016
16:18 EDTPSXBerkshire Hathaway acquires additional 2.54M shares of Phillips 66
In a regulatory filing late Friday, Berkshire Hathaway (BRK.A, BRK.B) disclosed the purchase of an additional 2.54M shares of Phillips 66 (PSX). The purchases were made January 27-29.
January 29, 2016
12:56 EDTPSXPhillips 66 says expects 'stronger gasoline growth globally' in 2016
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12:48 EDTPSXPhillips 66 says expects CapEx to decline over next several years
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12:21 EDTPSXPhillips 66 sees Q1 pre-tax refining turnaround expenses approximately $150M
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12:09 EDTPSXPhillips 66 sees 2016 pre-tax refining turnaround expenses $525M-$575M
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12:08 EDTPSXPhillips 66 says targeting 2016 dividend increase of at least 10%
Comment from company's Q4 earnings conference call.
07:03 EDTPSXPhillips 66 executing on plan to grow Midstream and Chemicals business
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07:01 EDTPSXPhillips 66 reports Q4 adjusted EPS $1.31, consensus $1.25
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." 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.
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