Phillips 66 Optimizes Portfolio With $865M Pipeline Sale [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
Phillips 66 ( PSX , the Houston-based oil giant, announced plans to sell its 25% stake in the Gulf Coast Express pipeline in Texas to an affiliate of ArcLight Capital Partners for $865 million, per a Reuters report. This strategic move positions the U.S. refiner to surpass its $3 billion non-core asset divestiture target. The company has already raised $2.7 billion through the sale of fuel terminals, pipelines and its stake in a Swiss retail joint venture. Phillips 66's CEO, Mark Lashier, emphasized the company's dedication to portfolio optimization and rationalization of non-core assets as part of its ongoing strategy. Despite declining refining profits, Phillips 66 remains steadfast in maintaining stable investor returns. The company has pursued cost-cutting measures. It now expects costs to reduce from $1.07 billion in 2024 to $822 million in 2025. For 2025, Phillips 66 projects overall expenditures of $2.1 billion, slightly below the $2.2 billion forecast for 2024. These ad
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News
- Phillips 66 snaps eight straight days of losses [Seeking Alpha]Seeking Alpha
- Phillips 66 to speak at Goldman Sachs Energy, CleanTech & Utilities ConferenceBusiness Wire
- Laser Photonics Wins Dual Order From Phillips 66 [Yahoo! Finance]Yahoo! Finance
- Phillips 66 to announce fourth-quarter and full-year financial resultsBusiness Wire
- Why Phillips 66 (PSX) Dipped More Than Broader Market Today [Yahoo! Finance]Yahoo! Finance
PSX
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- 10/29/24 - Miss
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- 12/9/24 - Form 4
- 12/9/24 - Form 4
- 12/9/24 - Form 4
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