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Stock Market & Financial Investment News

News Breaks
February 7, 2014
12:02 EDTPSXPhillips 66 receives board approval to move forward with investment in Texas
Phillips 66 has received approval from its board of directors to move forward with both its Sweeny Fractionator One and Freeport Liquefied Petroleum Gas Export Terminal. These two projects represent an investment of more than $3B as part of the company’s Midstream growth program. The Sweeny Fractionator One will be located in Old Ocean, Texas, close to the company’s Sweeny Refinery, and will supply purity natural gas liquids (NGL) products to the petrochemical industry and heating markets. Y-grade supply to the fractionator will come from nearby major pipelines, including the recently completed Sand Hills Pipeline, in which Phillips 66 owns a direct one-third interest. The 100,000 barrel-per-day NGL fractionator is expected to start up in the third quarter of 2015. The Freeport LPG Export Terminal will be located at the site of the company’s existing marine terminal in Freeport, Texas, and will leverage Phillips 66 midstream, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally. The terminal will have an initial export capacity of 4.4 million barrels per month, the equivalent of eight very large gas carriers with a ship loading rate of 36,000 barrels per hour. Startup of the export terminal is expected in mid-2016.
News For PSX From The Last 14 Days
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January 29, 2015
08:04 EDTPSXPhillips 66 says two Midstream projects on budget and on schedule
Phillips 66 said that in Midstream, the 100,000 BPD Sweeny Fractionator One is more than 50% complete, with startup planned in the second half of 2015. Construction is also progressing on the 4.4 million-barrel-per-month Freeport LPG Export Terminal, with completion expected in the second half of 2016. Both projects remain on budget and on schedule. Phillips 66 Partners formed two joint ventures to develop the Palermo Rail Terminal and the Sacagawea Pipeline in North Dakota. The Palermo Rail Terminal is a crude oil rail-loading facility currently under construction. The terminal is anticipated to include a pipeline connection to the Sacagawea Pipeline, allowing increased outbound capacity and market access for oil producers and marketers in the Bakken region. In Chemicals, CPChem is investing in domestic growth projects to capture the benefits of low-cost petrochemical feedstocks on the U.S. Gulf Coast. During the quarter, CPChem completed the expansion of ethylene production at its Sweeny facility with the addition of a tenth furnace, which is expected to increase its annual production by 200M pounds. An expansion project is underway to increase CPChem's normal alpha olefin capacity by 220M pounds per year at its Cedar Bayou facility, with estimated completion in mid-2015. Lastly, construction continued on its world-scale USGC Petrochemicals Project with startup anticipated in mid-2017.
08:02 EDTPSXPhillips 66 reports Q4 adjusted EPS $1.63, consensus $1.37
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January 28, 2015
15:38 EDTPSXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Celgene (CELG), consensus 99c... ConocoPhillips (COP), consensus 59c... Abbott Laboratories (ABT), consensus 67c... Occidental Petroleum (OXY), consensus 68c... Colgate-Palmolive (CL), consensus 74c... Ford (F), consensus 23c... Dow Chemical (DOW), consensus 69c... Alibaba (BABA), consensus 75c... Thermo Fisher (TMO), consensus $1.94; Time Warner Cable (TWC), consensus $2.09... Phillips 66 (PSX), consensus $1.34... Alexion Pharmaceuticals (ALXN), consensus $1.29... Baxter International (BAX), consensus $1.31... Cardinal Health (CAH), consensus $1.10... Raytheon (RTN), consensus $1.08... Northrop Grumman (NOC), consensus $2.25... Viacom (VIAB), consensus $1.28... Valero Energy (VLO), consensus $1.32... Sherwin-Williams (SHW), consensus $1.38... Hershey (HSY), consensus $1.06... Mead Johnson (MJN), consensus 88c... Zimmer (ZMH), consensus $1.71... Xcel Energy (XEL), consensus 34c... Royal Caribbean (RCL), consensus 42c... Coach (COH), consensus 66c... Kate Spade (KATE), consensus 24c... Harley-Davidson (HOG), consensus 34c... Stanley Black & Decker (SWK), consensus $1.52... L-3 Communications (LLL), consensus $2.27... JetBlue (JBLU), consensus 24c.
January 18, 2015
16:39 EDTPSXPhillips 66 could jump 50%, Barron's says
Phillips 66 shares could jump 50% after the company's restructuring, Barron's contends in a feature article. Despite falling revenues, EPS should rise, driven by lower oil costs and share repurchases, the paper adds. Reference Link

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