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Stock Market & Financial Investment News

News Breaks
May 27, 2014
09:22 EDTWEX, PSXWex signs multi-year program extension with Phillips 66
WEX (WEX) announced it has signed a multi-year extension to provide private label and universal fleet card services for Phillips 66 (PSX). Through the agreement, WEX will continue to issue fleet cards and provide related payment services to Phillips 66-branded customers. Together, WEX and Phillips 66 will expand upon a sales and marketing program for direct sales while also supporting the efforts of independent marketers and dealers at more than 7,100 Phillips 66, Conoco, and 76-branded retail outlets.
News For WEX;PSX From The Last 14 Days
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October 29, 2014
16:29 EDTWEXWEX Inc. establishes agreement with Titan Cloud Software
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08:46 EDTPSXPhillips 66 Partners reports Q3 EPS 37c, consensus 40c
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08:07 EDTPSXPhillips 66 reports Q3 adjusted EPS $2.02, consensus $1.75
Reports Q3 Refining earnings of $558M, compared with earnings of $390M in Q2. The increase was primarily attributable to improved realized refining margins, which included capturing crude location differentials. Margins improved, despite lower worldwide market crack spreads, primarily due to higher clean product realizations. Additionally, secondary product margins benefited from lower crude oil prices. Q3 Midstream earnings were $115M, compared with earnings of $108M in Q2. Q3 Chemicals earnings were $230M and adjusted earnings were $299M, which compares with earnings of $324M in Q2.
07:36 EDTWEXWEX Inc. sees FY14 adjusted EPS $5.08-$5.15, consensus $4.96
Sees FY14 revenue $812M-$817M, consensus $818.01M. Full-year 2014 guidance is based on an assumed average U.S. retail fuel price of $3.53 per gallon and approximately 39 million shares outstanding. The Company's guidance also assumes that fourth quarter 2014 Fleet Payment Solutions segment's credit loss will range between 10 and 15 basis points, and that credit loss for full year 2014 will range between 10 and 12 basis points.
07:36 EDTWEXWEX Inc. sees Q4 adjusted EPS $1.07-$1.14, consensus $1.17
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07:34 EDTWEXWEX Inc. reports Q3 EPS $1.56, consensus $1.34
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October 28, 2014
15:44 EDTPSXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Southern Company (SO), consensus $1.07; Phillips 66 (PSX), consensus $1.75; Automatic Data Processing (ADP), consensus 60c; Praxair (PX), consensus $1.63; WellPoint (WLP), consensus $2.27; Exelon (EXC), consensus 73c; Eaton (ETN), consensus $1.23; Hess (HES), consensus $1.08; TE Connectivity (TEL), consensus $1.00; McGraw Hill Financial (MHFI), consensus 94c; Waste Management (WM), consensus 68c; Hershey (HSY), consensus $1.08; Ralph Lauren (RL), consensus $2.06; Wisconsin Energy (WEC), consensus 53c; Garmin (GRMN), consensus 71c; Sealed Air (SEE), consensus 46c; DENTSPLY (XRAY), consensus 60c; Goodyear Tire (GT), consensus 70c; Revlon (REV), one estimate 45c; Booz Allen (BAH), consensus 41c; Carlyle Group (CG), consensus 54c.
08:31 EDTPSXPhillips 66 becomes JV partner with Energy Transfer for Bakken crude pipelines
Energy Transfer Equity, L.P. (ETE), Energy Transfer Partners, L.P. (ETP) and Phillips 66 (PSX) announced that they have formed two joint ventures to develop the previously announced Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects. Energy Transfer holds a 75% interest in each joint venture and will operate both pipeline systems. Phillips 66 owns the remaining 25% interests and will fund its proportionate share of the construction costs. The DAPL and ETCOP projects are expected to begin commercial operations in the fourth quarter of 2016. Based on contractual commitments to date, DAPL is expected to deliver in excess of 450,000 barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to market centers in the Midwest. DAPL will provide shippers with access to Midwestern refineries, unit-train rail loading facilities to facilitate deliveries to East Coast refineries, and the Gulf Coast market through an interconnection in Patoka, Illinois, with ETCOP. ETCOP will provide crude oil transportation service from the Midwest to the Sunoco Logistics Partners and Phillips 66 storage terminals located in Nederland, Texas.
October 22, 2014
16:33 EDTPSXPhillips 66 Partners announces acquisition of strategic logistics assets
Phillips 66 Partners LP (PSXP) has reached an agreement to acquire from Phillips 66 (PSX) two newly constructed crude oil rail-unloading facilities, located in Linden, New Jersey, and Ferndale, Washington, for $330M as well as certain assets associated with the Cross-Channel Connector Pipeline for an additional $10M. The acquisition, which is anticipated to close in early December 2014, is expected to be immediately accretive to unitholders. Upon closing of the acquisition, the Partnership plans to utilize the Cross-Channel Connector Pipeline assets to develop and undertake a new organic project to provide shippers access from the Partnership’s Pasadena Terminal to third-party systems located north of the Houston Ship Channel. The project is expected to have additional capital costs of $12.4M and is underwritten by long-term transportation service agreements with multiple shippers. The pipeline system will have an initial capacity of up to 180,000 barrels per day and is anticipated to commence commercial operations in the second quarter of 2015. In connection with the closing, Phillips 66 and the Partnership will enter into 10-year terminal services agreements for 100% of the available capacity of the rail-unloading facilities. The acquisition price for the rail-unloading facilities represents an approximate 10-times multiple of those facilities’ forecasted next 12 months’ earnings before interest, tax, depreciation and amortization. The terms of the transaction were approved by the board of directors of the general partner of Phillips 66 Partners, based on the approval and recommendation of its conflicts committee.
October 20, 2014
07:30 EDTWEXWEX Inc. signs long-term agreement with Sinclair Oil
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