Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products comprising gasolines, distillates, and aviation fuels at 13 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products consisting of gasolines, distillates, and aviation fuels primarily in the United States and Europe. It also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
IPO Year:
Exchange: NYSE
Website: phillips66.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/27/2025 | $132.00 | Buy → Neutral | Goldman |
| 1/3/2025 | $143.00 | Peer Perform → Outperform | Wolfe Research |
| 10/17/2024 | $156.00 | Buy | BofA Securities |
| 9/11/2024 | $162.00 → $150.00 | Buy | TD Cowen |
| 7/31/2024 | $155.00 → $162.00 | Buy | TD Cowen |
| 7/18/2024 | Peer Perform | Wolfe Research | |
| 6/21/2024 | $164.00 → $155.00 | Buy | TD Cowen |
| 1/24/2024 | Buy | Citigroup | |
| 12/4/2023 | $134.00 → $150.00 | Outperform | TD Cowen |
| 10/31/2023 | $146.00 | Peer Perform → Outperform | Wolfe Research |
Episode with Ms. Nieuwoudt, Former Energy and Industrials Analyst at Citadel, Features Discussion on the Value of Bringing an Investor Mindset and Her Deep Industry Expertise to the Boardroom Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the Podcast WEST PALM BEACH, Fla., April 15, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today released the second episode of the Streamline 66 Podcast, a series featuring 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as we
DALLAS, April 14, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ:BRY) ("Berry" or the "Company") today announced the appointment of Jenarae Garland as Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, effective immediately. Ms. Garland brings with her a wealth of industry experience, having served as a key strategic legal partner to executive leadership teams and boards of major energy corporations, including advising on capital markets and commercial and strategic transactions. Fernando Araujo, Berry's Chief Executive Officer, commented, "We are excited to welcome Jenarae to our executive leadership team during this pivotal time for our business
Phillips 66 (NYSE:PSX) (the "Company") today responded to a letter released by Gregory J. Goff to Phillips 66 Shareholders. The Board of Phillips 66 has issued the following statement: "Gregory Goff is clearly affiliated with Elliott Management. As of this morning, he remains featured as CEO of Amber Energy, an entity that Elliott has backed in its bid for Citgo, a Phillips 66 competitor. This important and obvious fact about a clear conflict of interest was never mentioned in Mr. Goff's communication and is plainly misleading to shareholders. The notion he is an investor independent of Elliott is obviously false. This stunt reflects Elliott's growing desperation to convince real investors
Elliott Welcomes Support from Former Andeavor CEO Gregory Goff as It Seeks Strategic, Operational and Governance Improvements at Phillips 66 Learn More at Streamline66.com WEST PALM BEACH, Fla., April 9, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today issued the following statement about Gregory Goff's support for its "Streamline 66" campaign: Elliott is pleased to have the support and assistance of Phillips 66 shareholder and accompl
Breakdown in board governance enabled the pursuit of a strategy that has not delivered for shareholders Goff supports Elliott's engagement with Phillips 66 to maximize long-term value for all shareholders Elliott's nominees will provide an infusion of independence and expertise in the Phillips 66 boardroom and ensure management is held to account SAN ANTONIO, April 09, 2025 (GLOBE NEWSWIRE) -- Gregory J. Goff, a 40-year energy industry veteran and shareholder of Phillips 66 (NYSE:PSX), today released the following letter to his fellow Phillips 66 shareholders: Dear Fellow Phillips 66 Shareholders, I have made a $10 million investment in Phillips 66 because I am confident that with the
First Episode with Brian Coffman, Former CEO of Motiva, Features Refining Discussion Based on Over 40-Years of Industry Expertise Program Accessible on Apple, Spotify, YouTube and More Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the New Podcast WEST PALM BEACH, Fla., April 8, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today announced the launch of the Streamline 66 Podcast, a new series that will feature 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as w
Highlights Results of Transformative Strategy and Path to Future Value Creation Demonstrates Elliott's Thesis is Based on Flawed Assumptions and Changes Would be Destructive to Long-Term Shareholder Value Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. Shareholders of record as of the close of business on April 4, 2025 are entitled to vote at the meeting. In addition, the Board wrote a letter to shareholders that highlights valuable info
Highlights Plan to Improve Performance, Strengthen Accountability and Increase Shareholder Value Identifies Slate of Four Highly Qualified Independent Director Candidates with Decades of Experience in Refining, Midstream Operations and Corporate Governance More Information at Streamline66.com WEST PALM BEACH, Fla., April 3, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today sent a letter to the Company's shareholders highlighting why change is urgently needed on the Phillips Board of Directors (the "Board"). In the letter, Elliott ma
Phillips 66 (NYSE:PSX) announced today the completion of its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems ("EPIC NGL") for total cash consideration of approximately $2.2 billion. "This transaction strengthens our position as a leading integrated downstream energy provider," said Don Baldridge, Phillips 66 executive vice president of Midstream & Chemicals. "We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products. Phillips 66 will offer producers unparalleled flow assurance
Phillips 66 (NYSE:PSX) executive management will host a webcast at noon ET on Friday, April 25, 2025, to discuss the company's first-quarter 2025 financial results, which will be released earlier that day. To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, phillips66.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date. About Phillips 66 Phillips 66 (NYSE:PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's port
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Phillips 66 (NYSE:PSX) (the "Company") today responded to a letter released by Gregory J. Goff to Phillips 66 Shareholders. The Board of Phillips 66 has issued the following statement: "Gregory Goff is clearly affiliated with Elliott Management. As of this morning, he remains featured as CEO of Amber Energy, an entity that Elliott has backed in its bid for Citgo, a Phillips 66 competitor. This important and obvious fact about a clear conflict of interest was never mentioned in Mr. Goff's communication and is plainly misleading to shareholders. The notion he is an investor independent of Elliott is obviously false. This stunt reflects Elliott's growing desperation to convince real investors
Highlights Results of Transformative Strategy and Path to Future Value Creation Demonstrates Elliott's Thesis is Based on Flawed Assumptions and Changes Would be Destructive to Long-Term Shareholder Value Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. Shareholders of record as of the close of business on April 4, 2025 are entitled to vote at the meeting. In addition, the Board wrote a letter to shareholders that highlights valuable info
Phillips 66 (NYSE:PSX) announced today the completion of its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems ("EPIC NGL") for total cash consideration of approximately $2.2 billion. "This transaction strengthens our position as a leading integrated downstream energy provider," said Don Baldridge, Phillips 66 executive vice president of Midstream & Chemicals. "We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products. Phillips 66 will offer producers unparalleled flow assurance
Confirms Elliott Investment Management's Nomination of Director Candidates Phillips 66 (NYSE:PSX) (the "Company") today issued the following letter to its shareholders. The Company values shareholder feedback and is fully committed to continuing open engagement with all shareholders. This has been consistently demonstrated and expressed over the course of nearly two dozen meetings with Elliott Investment Management ("Elliott") since October 2023, including the most recent meeting on March 3, 2025. The Company also confirmed Elliott has nominated seven directors for election to Phillips 66's Board of Directors (the "Board") at the Company's 2025 Annual Meeting. As the Company disclosed on
The board of directors of Phillips 66 (NYSE:PSX) has declared a quarterly dividend of $1.15 per share on Phillips 66 common stock. The dividend is payable on March 5, 2025, to shareholders of record as of the close of business on Feb. 24, 2025. About Phillips 66 Phillips 66 (NYSE:PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while
BOSTON, Feb. 3, 2025 /PRNewswire/ -- ArcLight Capital Partners, LLC and affiliates (collectively, "ArcLight") announced today that it has completed the acquisition of a 25% equity interest in Gulf Coast Express Pipeline LLC ("GCX") for $865 million from an affiliate of Phillips 66 (NYSE:PSX). Going forward, GCX will be jointly owned by subsidiaries of Kinder Morgan, Inc. (NYSE:KMI) and affiliates of ArcLight. GCX will continue to be operated by a subsidiary of KMI. GCX is a premier, 500-mile natural gas pipeline with approximately 2 Bcf/d of capacity that is underpinned by a high-quality array of shippers under long-term committed contracts. GCX provides critical residue gas takeaway servic
Fourth Quarter Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery Returned $1.1 billion to shareholders through dividends and share repurchases Record NGL fractionation and LPG export volumes in Midstream Record clean product yield in Refining Surpassed targeted $3 billion in announced asset dispositions Full-Year 2024 Earnings of $2.1 billion or $4.99 per share and adjusted earnings of $2.6 billion or $6.15 per share $4.2 billion of operating cash flow, $4.8 billion excluding working capital $5.3
Phillips 66 (NYSE:PSX) announced today that it has entered into a definitive agreement to buy EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long haul natural gas liquids pipelines, fractionation facilities and distribution systems ("EPIC NGL") for total cash consideration of $2.2 billion, subject to customary purchase price adjustments. Upon closing, this transaction is expected to be immediately accretive to earnings per share. "This transaction bolsters Phillips 66's position as a leading integrated downstream energy provider," said Mark Lashier, chairman and CEO of Phillips 66. "This transaction optimizes our Permian NGL value chain, allows Phillips 66 t
Phillips 66 (NYSE:PSX) announced today that it has entered into a definitive agreement to sell DCP GCX Pipeline LLC, which owns a 25% non-operated equity interest in Gulf Coast Express Pipeline LLC, to an affiliate of ArcLight Capital Partners, LLC for pre-tax total cash proceeds of $865 million, subject to purchase price adjustments. "With this transaction, we have exceeded our $3 billion asset divestiture target established in our strategic priorities. We intend to continue to optimize the portfolio and rationalize non-core assets going forward," said Mark Lashier, chairman and CEO of Phillips 66. "The evolution of our portfolio underscores our position as a leading integrated downstrea
Phillips 66 (NYSE:PSX) today announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital. "We continue to demonstrate capital discipline, aligning our investments with our strategic priorities," said Mark Lashier, chairman and CEO of Phillips 66. "The budget underscores our dedication to delivering value to shareholders by funding growth in the NGL wellhead-to-market value chain and further enhancing refining competitiveness." In Midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. The budget advances the integrated NGL wellhead-to-market v
DALLAS, April 14, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ:BRY) ("Berry" or the "Company") today announced the appointment of Jenarae Garland as Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, effective immediately. Ms. Garland brings with her a wealth of industry experience, having served as a key strategic legal partner to executive leadership teams and boards of major energy corporations, including advising on capital markets and commercial and strategic transactions. Fernando Araujo, Berry's Chief Executive Officer, commented, "We are excited to welcome Jenarae to our executive leadership team during this pivotal time for our business
First Episode with Brian Coffman, Former CEO of Motiva, Features Refining Discussion Based on Over 40-Years of Industry Expertise Program Accessible on Apple, Spotify, YouTube and More Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the New Podcast WEST PALM BEACH, Fla., April 8, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today announced the launch of the Streamline 66 Podcast, a new series that will feature 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as w
Phillips 66 (NYSE:PSX) today released the following letter from Independent Director Bob Pease to the Company's shareholders: Shareholders of Phillips 66: I joined the Phillips 66 Board of Directors in February 2024. My appointment came as a result of an agreement between Elliott Management and Phillips 66. At the time, Elliott Management said I would bring to the Board "extensive experience in refining and energy more broadly." Now Elliott wants me off the Board. Today I'm writing you, our shareholders, to lay out the truth about the Phillips 66 Board and why my own view of Elliott's campaign for change at the Phillips 66 has evolved. I'll start first with why I agreed to join the Phi
Phillips 66 (NYSE:PSX) today announced that it has filed its preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming 2025 Annual Meeting of Shareholders. In today's filing, the Phillips 66 Board of Directors: Announces the nomination of two new candidates bringing critical financial and operational capabilities to the Board: A. Nigel Hearne, a 35-year veteran of the energy industry with direct refining operations leadership, bringing deep downstream and integration expertise; and Howard I. Ungerleider, a highly strategic former President and Chief Financial Officer with extensive chemicals experience. Nominates John E. Lowe and Rober
The board of directors of Phillips 66 (NYSE:PSX) has appointed Grace Puma Whiteford to serve on the company's board, effective Oct. 10. She will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee of the board. "Phillips 66 is pleased to welcome Grace to the board of directors as a highly qualified independent director. We will benefit from her broad experience in operations, procurement, and safety as well as her leadership and perspectives," said Mark Lashier, chairman and CEO. Puma Whiteford currently serves on the boards of Target Corporation and Organon & Co. and previously served on the board of Williams-Sonoma, Inc. Puma Whitef
Collaboration Aims to Fuel the Next Generation of Big 12 Athletes through Safer Sports Access KANSAS CITY, Mo., April 2, 2024 /PRNewswire/ -- Phillips 66® is proud to announce that they will be contributing $100,000 towards revamping the basketball courts in the Parade Park community in Kansas City, Mo. This year's Big 12 Basketball Tournament marked the 36th consecutive year Phillips 66® has served as a tournament partner and the 15th consecutive year the tournament has been held in Kansas City, with the Big 12 recently announcing the tournament will be held in Kansas City through 2031. The Parade Park project marks an elevated brand commitment to the local community and to accessibility to
Appointment Follows Constructive Dialogue with Elliott; Commitment to Add a Second Director The Board of Directors of Phillips 66 (NYSE:PSX) has appointed Robert W. Pease to serve on the board, effective immediately. Following the appointment, the board consists of 14 directors, 12 of whom are independent. In addition, Phillips 66 and Elliott Investment Management L.P. (together with its affiliates, "Elliott") have agreed to work together to identify a second mutually agreed director to be named over the coming months. "Phillips 66 is pleased to welcome Bob to the board. His demonstrated refining experience, leadership and energy expertise will add to the board's oversight of the compan
The board of directors of Phillips 66 (NYSE:PSX) has appointed Mark E. Lashier and Gregory J. Hayes to serve on the board, effective July 12, 2022. Following the appointments, the board of Phillips 66 will consist of 13 directors, 11 of whom are independent. Lashier, who will serve on the Executive Committee of the board, was recently named as the Chief Executive Officer of Phillips 66 after serving as President and Chief Operating Officer since April 2021. Lashier, who has over 30 years of energy industry experience, served as CEO of ChevronPhillips Chemical Company LLC ("CPChem") from August 2017 to April 2021. He joined the global petrochemical joint venture, in which Phillips 66 owns a
Reported first-quarter earnings of $582 million or $1.29 per share; adjusted earnings of $595 million or $1.32 per share Generated $1.1 billion of operating cash flow; $1.3 billion excluding working capital Repaid $1.45 billion of debt in April Announced plan to restart share repurchases Received industry recognition for exemplary safety performance in Chemicals and Refining Recently announced CEO transition plan Phillips 66 (NYSE:PSX), a diversified energy company, announces first-quarter 2022 earnings of $582 million, compared with earnings of $1.3 billion in the fourth quarter of 2021. Excluding special items of $13 million, the company had adjusted earnings of $595 million
Greg Garland to step down as Chief Executive Officer on July 1 after 10 years of leading company; will remain as Executive Chairman of the Board of Directors Mark Lashier, current President and Chief Operating Officer, will assume President and Chief Executive Officer role Phillips 66 (NYSE:PSX) has named its current President and Chief Operating Officer, Mark Lashier, as President and Chief Executive Officer effective July 1. Lashier will succeed Greg Garland, who will remain as Executive Chairman of the Board of Directors until he retires in 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220412005910/en/Greg Garland
Goldman downgraded Phillips 66 from Buy to Neutral and set a new price target of $132.00
Wolfe Research upgraded Phillips 66 from Peer Perform to Outperform and set a new price target of $143.00
BofA Securities resumed coverage of Phillips 66 with a rating of Buy and set a new price target of $156.00
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $150.00 from $162.00 previously
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $162.00 from $155.00 previously
Wolfe Research resumed coverage of Phillips 66 with a rating of Peer Perform
TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $155.00 from $164.00 previously
Citigroup initiated coverage of Phillips 66 with a rating of Buy
TD Cowen reiterated coverage of Phillips 66 with a rating of Outperform and set a new price target of $150.00 from $134.00 previously
Wolfe Research upgraded Phillips 66 from Peer Perform to Outperform and set a new price target of $146.00
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