Phillips 66 is a a diversified U.S. energy manufacturing and logistics company that produces, stores and distributes fuels. The company has a portfolio that includes Chemicals, Midstream, Refining, Marketing and Lubricants units. With its 13 refineries in the United States and Europe, the business has a global refining capacity of 2.2 million barrels of crude oil per day. Phillips 66 also owns a huge pipeline system that’s used to transport crude oil, refined products and NGLs to and from processing plants, terminals and storage facilities.
Greg Garland is Chairman and Chief Executive Officer of Phillips 66. He has over three decades’ experience in technical and executive positions in the oil, gas and chemicals industries. Among the other key figures at the company are: Robert Herman (Executive Vice President, Refining);Timothy Roberts (Executive Vice President, Marketing and Commercial); and Kevin Mitchell (Executive Vice President, Finance and Chief Financial Officer).
Brothers Frank and L.E. Phillips founded Phillips Petroleum Company in Oklahoma over a century ago in 1917. The business resisted a number of takeover attempts during the 1980s, but in 2002 it merged with Conoco to become ConocoPhillips. The move created the sixth-largest publicly traded oil company in the world and the third-biggest in the United States. Ten years later, ConocoPhillips spun off its midstream and downstream businesses to create Phillips 66, which started trading on the New York Stock Exchange in May 2012.
The company has been performing very strongly. In its full year 2017 financial results, Phillips 66 reported $5.1 billion of earnings and $2.3 billion of adjusted earnings. Both figures were well up on the previous year’s totals of $1.6 billion and $1.5 billion respectively. In 2017, the company generated $3.6 billion of operating cash flow and returned $3.0 billion to shareholders through dividends and share repurchases. Phillips 66 increased its quarterly dividend by 11% to $0.70 per common share.
In February 2018, Warren Buffett’s company Berkshire Hathaway reduced its holdings in Phillips 66 to about 9.8% by selling 35 million shares back to the company for $3.3 billion. Buffett said: "Phillips 66 is a great company with a diversified downstream portfolio and a strong management team. This transaction was solely motivated by our desire to eliminate the regulatory requirements that come with ownership levels above 10%."
The Phillips 66 share price has climbed steadily since the company was spun off in 2012. From a starting point of $30 the shares had doubled in value to $60 by February 2013, and for most of 2015 and 2016 they were trading at around $80. In January 2018 the shares passed the $100 mark for the first time. To find out how the shares are doing right now, follow Capital.com. Our PSX chart puts all the information at your fingertips.
The company’s global head office is located in Houston, Texas. Phillips 66 has a workforce of over 14,000 employees and operates in 65 countries around the world. Of its 13 refineries, 11 are in the United States, one in England (the Humber Refinery), and one in Germany (the MiRo Refinery in Karlsruhe).
Phillips 66 is listed on the New York Stock Exchange (NYSE) and is a constituent of the S&P 500 index. Check out Capital.com for the latest PSX chart. We’ll keep you up to date and in the picture.
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