Tag: Phillips 66

Moody’s: New Chinese plants could hamper global refining earnings

Cheap natural gas and oil supplies will give Gulf Coast refiners an edge in global markets, but over the next two years new plants coming online in China and the Middle East are poised to dampen worldwide demand for refined products like gasoline, according to a report released Monday.  More »

US to become top exporter of liquefied petroleum gas, experts say

The U.S. is poised to become the top exporter of liquified petroleum gas — more commonly known as propane or butane — within just a few years, officials with research analyst IHS said Monday.  More »

Phillips 66 expands area facilities with gaze focused abroad

Originally built by the U.S. government to process fuel for Allied aircraft during World War II, Phillips 66′s Sweeny plant now is the largest refinery by capacity in the portfolio of Phillips 66, Houston’s biggest Fortune 500 company.  More »

Phillips 66 Partners strikes first acquisition deal for $700M

An energy transportation company spun out of Phillips 66 reached a deal Thursday to buy 681 miles of pipeline and two propylene storage units for $700 million.  More »

Phillips 66 shifts focus with $3 billion in new projects

Phillips 66 is no longer betting its future on the massive refining business that made it the second-largest energy company in the world. Instead, it’s using refining, once its most profitable arm, as a cash cow to transform itself into a business that primarily operates energy transportation, storage and processing infrastructure.  More »

Phillips 66 income rises on increased exports

Increased exports of refined petroleum products and improved U.S. crude price differentials drove Phillips 66′s profit up 17 percent in the fourth quarter, the company said Wednesday.  More »

Buffett strikes deal to buy $1.4B Phillips 66 unit

Berkshire Hathaway made a deal on Monday for Phillips 66’s flow improver business, which manufactures a chemical agent that breaks up debris and moves oil and gas through pipelines.  More »

Green oil? Phillips 66 strikes a deal to develop it

A small San Diego company is teaming up with the largest U.S. oil refiner to bring an algae-based crude closer to market.  More »

Phillips 66 plans 40 percent hike in annual spending

Phillips 66 said Friday it is planning to spend $2.7 billion next year to expand its midstream and chemicals businesses, as its once most lucrative business – petrochemical refining – has fallen on hard times.  More »

Phillips 66 raises share buyback program to $5 billion

Phillips 66 will be buy back $2 billion more in shares.  More »

Wall Street spends nearly $6B on energy IPOs in 2013

Master limited partnerships – tax-advantaged corporate structures most often affiliated with pipeline operators – dominated the industry’s Wall Street debuts this year.  More »

Iowa governor accuses Obama of ‘caving to Big Oil’

Iowa Gov. Terry Branstad on Thursday delivered a blistering attack on the Obama administration’s plan to slash government mandates for renewable fuel, accusing the White House of caving to Big Oil and turning its back on rural America.  More »
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