Posts filtered on Tag
Berkshire now owns 73.98 million Phillips 66 shares worth roughly $5.9 billion.
Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
Berkshire filed documents with the Securities and Exchange Commission on Friday that disclosed purchases of another 1.6 million Phillips 66 shares.
Buffett said last fall that Berkshire was investing in the company because he likes its mix of refining and chemical businesses.
Congress may be close to reaching an overall budget deal that would include lifting the exports, which would equate to an early Christmas present for exploration and production companies seeking more buyers for their oil and also a “stocking full of soot for the refiners,” Wells Fargo Securities said in a new report.
The project is supported by 250 miles of new pipelines and a multimillion-barrel storage cavern complex.
Refining profits alone jumped 80 percent thanks to cheap feedstock from low oil prices and stronger margins.
Phillips 66 Vice President of Investor Relations Kevin Mitchell, 49, will become the executive vice president of finance and CFO on Jan. 1 after Maxwell steps down, Phillips 66 said Friday in a filing with the U.S. Securities and Exchange Commission.
Construction recently began for a new hydrotreater at the Lake Charles Refinery to meet federal Tier 3 standards for lower sulfur content in gasoline for the beginning of 2017.
The 100,000-barrel-a-day Fractionator One project at Phillips 66’s Sweeny complex is part of a $3 billion capital expansion project in southern Texas launched last year.