Phillips 66 Reaches Agreement To Acquire Publicly Held Common Units Of DCP Midstream, LP For $41.75/Unit; Will Increase Interest To 86.8%

1/6/23 7:31:13 AM ET

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Phillips 66 (NYSE:PSX) and DCP Midstream, LP ("DCP Midstream") (NYSE:DCP) announced today that they have entered into a definitive agreement pursuant to which Phillips 66 will acquire all of the publicly held common units representing limited partner interests in DCP Midstream for cash consideration of $41.75 per common unit, increasing its economic interest in DCP Midstream to 86.8%.

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Recent Analyst Ratings for
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$PSX

Company	Date	Price Target	Rating	Analyst
Phillips 66 $PSX	10/17/2024	$156.00	Buy	BofA Securities
Phillips 66 $PSX	9/11/2024	$162.00 → $150.00	Buy	TD Cowen
Phillips 66 $PSX	7/31/2024	$155.00 → $162.00	Buy	TD Cowen
Phillips 66 $PSX	7/18/2024		Peer Perform	Wolfe Research
Phillips 66 $PSX	6/21/2024	$164.00 → $155.00	Buy	TD Cowen
Phillips 66 $PSX	1/24/2024		Buy	Citigroup
Phillips 66 $PSX	12/4/2023	$134.00 → $150.00	Outperform	TD Cowen
Phillips 66 $PSX	10/31/2023	$146.00	Peer Perform → Outperform	Wolfe Research

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Financials

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Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results
Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share Returned $1.3 billion to shareholders through dividends and share repurchases Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements Phillips 66 (NYSE:PSX), a leading integrated downstream energy provider, announced third-quarter earnings. "Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated d
10/29/24 7:00:00 AM ET
$PSX
Integrated oil Companies
Energy
Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery
Facility expects to cease operations in the fourth quarter of 2025 Company will work with the state of California to supply fuel markets and meet ongoing consumer demand Phillips 66 (NYSE:PSX) announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet ongoing consumer demand. "We understand this decision has an impact on our employees, contractors and the broader community," said Mark Lashier, chairman and CEO of Phillips 66. "We will work to help and support them through this transition." Approximately 600 employees and 300 contractors currently operate the Los Angeles-a
10/16/24 4:15:00 PM ET
$PSX
Integrated oil Companies
Energy
Phillips 66 announces agreement to sell interest in Switzerland-based joint venture
Phillips 66 (NYSE:PSX) announced today that its subsidiary, Phillips 66 Limited, has entered into a definitive agreement to sell its 49 percent non-operated equity interest in Coop Mineraloel AG ("CMA") to its Swiss joint venture partner. It will receive cash of 1.06 billion Swiss francs (approximately $1.24 billion) consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately $70 million) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend. "This transaction marks significant progress in delivering on our commitment of ove
10/14/24 4:30:00 PM ET
$PSX
Integrated oil Companies
Energy

$DCP
$PSX
Leadership Updates

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Phillips 66 Appoints Grace Puma Whiteford to Board of Directors
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
10/11/24 7:00:00 AM ET
$PSX
Integrated oil Companies
Energy
Phillips 66® Teams Up with KC Parks and Rec to Fuel Homegrown Talent
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
4/2/24 3:55:00 PM ET
$PSX
Integrated oil Companies
Energy
Phillips 66 Appoints Robert W. Pease to Board of Directors
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
2/13/24 7:50:00 AM ET
$PSX
Integrated oil Companies
Energy

Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results
Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share Returned $1.3 billion to shareholders through dividends and share repurchases Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements Phillips 66 (NYSE:PSX), a leading integrated downstream energy provider, announced third-quarter earnings. "Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated d
10/29/24 7:00:00 AM ET
$PSX
Integrated oil Companies
Energy
Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery
Facility expects to cease operations in the fourth quarter of 2025 Company will work with the state of California to supply fuel markets and meet ongoing consumer demand Phillips 66 (NYSE:PSX) announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet ongoing consumer demand. "We understand this decision has an impact on our employees, contractors and the broader community," said Mark Lashier, chairman and CEO of Phillips 66. "We will work to help and support them through this transition." Approximately 600 employees and 300 contractors currently operate the Los Angeles-a
10/16/24 4:15:00 PM ET
$PSX
Integrated oil Companies
Energy
Phillips 66 announces agreement to sell interest in Switzerland-based joint venture
Phillips 66 (NYSE:PSX) announced today that its subsidiary, Phillips 66 Limited, has entered into a definitive agreement to sell its 49 percent non-operated equity interest in Coop Mineraloel AG ("CMA") to its Swiss joint venture partner. It will receive cash of 1.06 billion Swiss francs (approximately $1.24 billion) consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately $70 million) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend. "This transaction marks significant progress in delivering on our commitment of ove
10/14/24 4:30:00 PM ET
$PSX
Integrated oil Companies
Energy

Phillips 66 Reaches Agreement To Acquire Publicly Held Common Units Of DCP Midstream, LP For $41.75/Unit; Will Increase Interest To 86.8%

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Recent Analyst Ratings for $DCP$PSX

$DCP$PSX Market Insights

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Wolfe Research Reinstates Peer Perform on Phillips 66

Scotiabank Maintains Sector Outperform on Phillips 66, Lowers Price Target to $145

Looking At Phillips 66's Recent Unusual Options Activity

$DCP$PSX Financials

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Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery

Phillips 66 announces agreement to sell interest in Switzerland-based joint venture

$DCP$PSX Large Ownership Changes

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SEC Form SC 13G/A filed by Phillips 66 (Amendment)

SEC Form SC 13G/A filed by Phillips 66 (Amendment)

SEC Form SC 13G/A filed by Phillips 66 (Amendment)

$DCP$PSX Insider Purchases

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Pease Robert W bought $99,968 worth of Common Stock (682 units at $146.58), increasing direct ownership by 56% to 1,900 units (SEC Form 4)

$DCP$PSX Leadership Updates

Live Leadership Updates

Phillips 66 Appoints Grace Puma Whiteford to Board of Directors

Phillips 66® Teams Up with KC Parks and Rec to Fuel Homegrown Talent

Phillips 66 Appoints Robert W. Pease to Board of Directors

$DCP$PSX Analyst Ratings

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BofA Securities resumed coverage on Phillips 66 with a new price target

TD Cowen reiterated coverage on Phillips 66 with a new price target

TD Cowen reiterated coverage on Phillips 66 with a new price target

$DCP$PSX SEC Filings

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SEC Form 10-Q filed by Phillips 66

Phillips 66 filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

SEC Form 8-K filed by Phillips 66

Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery

Phillips 66 announces agreement to sell interest in Switzerland-based joint venture

$DCP$PSX Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Director Hayes Gregory was granted 107 shares, increasing direct ownership by 0.59% to 18,137 units (SEC Form 4)

Director Whiteford Grace Puma was granted 333 shares (SEC Form 4)

SEC Form 3 filed by new insider Whiteford Grace Puma

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