Phillips 66

Pacific Coast Oil Trust Announces There Will Be No May Cash Distribution

Retrieved on: 
Freitag, Mai 31, 2024
Oil, Gas, Energy, United States district court, Special, Conveyance, Phillips 66, Connection, Court, Report, Superior court, Net, County, Moss Adams, Retirement, Consultant, Letter, Sale, Accounting Standards Codification, Face, Security (finance), Internet, Evergreen, COVID-19, Form 10-K, Business analyst, Calendar, Trustee, Marketing, Barrel (unit), Annual report, Dissolution, Motion, Transport, Federal district, Prejudice, Bank statement, Bank, State, File, Panel, ARO, Hand, Hearing, Life insurance

The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.

Key Points: 
  • The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”).
  • Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period.
  • Any differences in actual cash receipts by the Trust could affect this distributable amount.

Phillips 66 to Acquire Pinnacle Midstream from Energy Spectrum Capital

Retrieved on: 
Montag, Mai 20, 2024
Professional Services, Chemicals, Plastics, Oil, Gas, Manufacturing, Energy, Finance, Permian, Philip, Hart–Scott–Rodino Antitrust Improvements Act, HSR, Phillips 66

Phillips 66 (NYSE: PSX) announced today it has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle) from private equity firm Energy Spectrum Capital for cash consideration of $550 million in a strategic move to expand its natural gas gathering and processing footprint in the Midland Basin.

Key Points: 
  • Phillips 66 (NYSE: PSX) announced today it has agreed to acquire Pinnacle Midland Parent LLC (Pinnacle) from private equity firm Energy Spectrum Capital for cash consideration of $550 million in a strategic move to expand its natural gas gathering and processing footprint in the Midland Basin.
  • “We are growing our Midstream business in the Permian to further strengthen and expand our service offerings to customers while driving operational and commercial synergies,” said Mark Lashier, Chairman and CEO of Phillips 66.
  • “Pinnacle is a bolt-on asset that advances our wellhead-to-market strategy and complements our diversified and integrated asset portfolio.
  • “Pinnacle has established itself as one of the premier midstream providers in the Midland Basin, with a top-notch talented team, first-class operations and infrastructure, and world-class customers,” said J. Greg Sargent, CEO of Pinnacle.

Pacific Coast Oil Trust Announces There Will Be No April Cash Distribution

Retrieved on: 
Dienstag, April 30, 2024
Professional Services, Mining, Minerals, Oil, Gas, Energy, Finance, Natural Resources, Net, State, Trustee, Barrel (unit), Conveyance, Court, Face, ARO, Moss Adams, Business analyst, Internet, Hearing, Dissolution, Annual report, Hand, Accounting Standards Codification, County, Federal district, Calendar, Phillips 66, Report, Transport, Consultant, Motion, Retirement, Bank, Special, Connection, Marketing, File, Sale, Prejudice, Security (finance), COVID-19, Panel, Form 10-K, Bank statement, Evergreen, United States district court, Letter, Superior court, Life insurance

The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.

Key Points: 
  • The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”).
  • Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period.
  • Any differences in actual cash receipts by the Trust could affect this distributable amount.

Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress

Retrieved on: 
Freitag, April 26, 2024
Professional Services, Chemicals, Plastics, Oil, Gas, Manufacturing, Energy, Finance, Phillips 66, Investment, Division 1, Webcast, Rodeo, Public expenditure, AFPM, DCP Midstream Partners

Adjusted pre-tax costs were $330 million in the first quarter of 2024, compared with $297 million in the fourth quarter.

Key Points: 
  • Adjusted pre-tax costs were $330 million in the first quarter of 2024, compared with $297 million in the fourth quarter.
  • During the first quarter, Phillips 66 funded $1.2 billion of share repurchases, $448 million in dividends and $628 million of capital expenditures and investments.
  • Phillips 66 is executing its strategic priorities to increase mid-cycle adjusted EBITDA to $14 billion by 2025 and return over 50% of operating cash flow to shareholders.
  • Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s first-quarter performance.

First of its Kind Partnership Delivers a Waste Heat to Power Project That Will Reduce the University of Dayton’s Carbon Footprint by More Than 70%

Retrieved on: 
Montag, April 22, 2024
Environment, Other Energy, Utilities, Oil, Gas, Sustainability, Alternative Energy, Green Technology, Energy, University, Education, Phillips 66, Investment, Teaching, AES, Partnership, Electricity, Research, Carbon, University of Dayton, Multimedia, Student, Knowledge, Facility management, Rockies Express Pipeline, Renewable energy

The new waste heat to power facility will capture the heat produced by an existing process and generate decarbonized power, which will be sold to AES Ohio for the benefit of the University of Dayton.

Key Points: 
  • The new waste heat to power facility will capture the heat produced by an existing process and generate decarbonized power, which will be sold to AES Ohio for the benefit of the University of Dayton.
  • View the full release here: https://www.businesswire.com/news/home/20240422053861/en/
    For more than three years, Tallgrass and Kanin Energy have collaborated to develop the project.
  • This will offset 100% of the university’s electricity needs and reduce its carbon footprint by 71%.
  • "We view waste heat to power as a key tool for industry to achieve near term emissions reductions using proven technology."

Aramco Wins ISA100 Wireless Excellence in Automation Award

Retrieved on: 
Freitag, April 19, 2024
Wireless, Phillips 66, International Society, PETRONAS, ARC, Steam, WCI, Swift, BAPCO, Petrom, Acquisition, Plant, ISA, Mobile phone

DURHAM, N.C., April 19, 2024 /PRNewswire/ -- The International Society of Automation (ISA) – the leading professional society for automation – and the ISA100 Wireless Compliance Institute (WCI) have announced that Aramco, a global integrated energy and chemicals company, has won the 2023 ISA100 Wireless Excellence in Automation award for their novel application of wireless instrumentation at a key operating site, the Fadhili Gas Plant. Aramco is recognized this year for pioneering the large-scale deployment of an ISA100 Wireless steam trap monitoring solution. Aramco is joining a distinguished list of end users who have received this award over the past 11 years.

Key Points: 
  • Annual award honors novel application of wireless instrumentation at Fadhili Gas Plant; learn more at 24 April webinar
    DURHAM, N.C., April 19, 2024 /PRNewswire/ -- The International Society of Automation (ISA) – the leading professional society for automation – and the ISA100 Wireless Compliance Institute (WCI) have announced that Aramco, a global integrated energy and chemicals company, has won the 2023 ISA100 Wireless Excellence in Automation award for their novel application of wireless instrumentation at a key operating site, the Fadhili Gas Plant.
  • Each year, the ISA100 Wireless Compliance Institute presents the ISA100 Wireless Excellence in Automation Award to a global end user company that has demonstrated outstanding leadership and innovation with ISA100 Wireless technology.
  • Notable past end-user recipients of the ISA100 Wireless Excellence in Automation Award include OMV Petrom, Enquest UK, Fuji Oil Company, Ltd., ILBOC, BAPCO, Alcoa, Phillips 66, PETRONAS and Nippon Steele & Sumikin Engineering.
  • The deployed ISA100 Wireless network is based on a distributed topology centered on an ISA100 Wireless field gateway and multiple ISA100 Wireless field backbone routers.

Team, Inc. Appoints Pamela J. McGinnis to Its Board of Directors

Retrieved on: 
Montag, April 8, 2024
Corporation, Phillips 66, Conoco, Commercial, Team, Distribution, Marketing, Retirement, ConocoPhillips, Management

In connection with the Board’s appointment of Ms. McGinnis, the size of the Board was increased from six to seven directors.

Key Points: 
  • In connection with the Board’s appointment of Ms. McGinnis, the size of the Board was increased from six to seven directors.
  • The Board has also appointed Ms. McGinnis to serve on the Board’s Compensation Committee.
  • Michael Caliel, TEAM’s Executive Chairman commented, "We are excited to welcome Pam to the TEAM Board of Directors.
  • She brings extensive commercial, procurement and operational expertise in the oil and gas industry through her executive leadership experience at Phillips 66.

Phillips 66 Announces Increase in Quarterly Dividend

Retrieved on: 
Mittwoch, April 3, 2024
Energy, Professional Services, Oil, Gas, Finance, Phillips 66, Holding company

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of $1.15 per share on Phillips 66 common stock, representing a 10% increase.

Key Points: 
  • The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of $1.15 per share on Phillips 66 common stock, representing a 10% increase.
  • The dividend is payable on June 3, 2024, to shareholders of record as of the close of business on May 20, 2024.
  • “The dividend increase reflects the confidence we have in our growing mid-cycle cash flow generation and disciplined approach to capital allocation, including a secure, competitive and growing dividend,” said Mark Lashier, president and CEO of Phillips 66.
  • “Since our formation in 2012, we have steadily raised our dividend, resulting in a 16% compound annual growth rate.

Phillips 66 Announces Major Milestone in Production of Renewable Diesel

Retrieved on: 
Montag, April 1, 2024
Professional Services, Other Energy, Utilities, Oil, Gas, Energy, Finance, Carbon, Refining, Phillips 66, PSX, SAF, Renewable energy

Phillips 66 (NYSE: PSX) today announced a major milestone in its conversion of the San Francisco refinery into the Rodeo Renewable Energy Complex, expanding commercial scale production of renewable diesel.

Key Points: 
  • Phillips 66 (NYSE: PSX) today announced a major milestone in its conversion of the San Francisco refinery into the Rodeo Renewable Energy Complex, expanding commercial scale production of renewable diesel.
  • The Rodeo Renewed project has progressed, with the facility now processing only renewable feedstocks and producing approximately 30,000 barrels per day of renewable diesel.
  • The Rodeo Renewable Energy Complex is on track to increase production rates to more than 800 million gallons per year (50,000 BPD) of renewable fuels by the end of the second quarter, positioning Phillips 66 as a leader in renewable fuels.
  • “We are proud to announce this significant achievement at our Rodeo facility,” said Rich Harbison, Phillips 66 executive vice president of Refining.

Pacific Coast Oil Trust Announces There Will Be No March Cash Distribution

Retrieved on: 
Donnerstag, März 28, 2024
Banking, Energy, Professional Services, Oil, Gas, Letter, Net, Face, Panel, Sale, Transport, Bank statement, Special, Business analyst, Trustee, Marketing, Barrel (unit), Prejudice, Federal district, Accounting Standards Codification, Calendar, Hand, State, Phillips 66, Internet, Conveyance, Security (finance), Moss Adams, Annual report, County, ARO, Retirement, Consultant, Dissolution, Connection, COVID-19, Bank, Motion, United States district court, Evergreen, Superior court, Report, Court, Hearing, Life insurance

The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.

Key Points: 
  • The net profits deficit must be recouped from proceeds otherwise payable to the Trust from the Net Profits Interests.
  • Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”).
  • Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period.
  • Any differences in actual cash receipts by the Trust could affect this distributable amount.