Rodeo San Francisco Refinery

Phillips 66 Announces 2024 Capital Program

Retrieved on: 
Friday, December 8, 2023

Phillips 66 (NYSE: PSX) today announced a 2024 capital budget of $2.2 billion, including $923 million for sustaining capital and $1.3 billion for growth capital.

Key Points: 
  • Phillips 66 (NYSE: PSX) today announced a 2024 capital budget of $2.2 billion, including $923 million for sustaining capital and $1.3 billion for growth capital.
  • Excluding joint venture debt repayments due in 2024, the company’s 2024 capital budget is $2 billion.
  • “We continue to demonstrate capital discipline in support of our strategic priorities,” said Mark Lashier, president and CEO of Phillips 66.
  • Including Phillips 66’s proportionate share of capital spending associated with joint ventures CPChem and WRB, the company’s total 2024 capital program is projected to be $3.2 billion.

Phillips 66 Reports Third-Quarter 2023 Financial Results and Update to Strategic Priorities

Retrieved on: 
Friday, October 27, 2023

Phillips 66 generated $2.7 billion in cash from operations in the third quarter of 2023.

Key Points: 
  • Phillips 66 generated $2.7 billion in cash from operations in the third quarter of 2023.
  • During the third quarter, Phillips 66 funded $855 million of capital expenditures and investments, $752 million of share repurchases and $465 million in dividends.
  • Phillips 66 is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities.
  • Later today, members of Phillips 66 executive management will host a webcast at noon EDT to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance.

Phillips 66 Reports Second-Quarter 2023 Financial Results

Retrieved on: 
Wednesday, August 2, 2023

Phillips 66 generated $1.0 billion in cash from operations in the second quarter of 2023.

Key Points: 
  • Phillips 66 generated $1.0 billion in cash from operations in the second quarter of 2023.
  • During the second quarter, Phillips 66 funded $1.3 billion of share repurchases, $551 million of capital expenditures and investments and $474 million in dividends.
  • Phillips 66’s business transformation is on track to deliver $1 billion in run-rate savings by the end of 2023.
  • Phillips 66 is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities.

Phillips 66 Reports First-Quarter 2023 Financial Results

Retrieved on: 
Wednesday, May 3, 2023

Phillips 66 generated $1.2 billion in cash from operations in the first quarter of 2023.

Key Points: 
  • Phillips 66 generated $1.2 billion in cash from operations in the first quarter of 2023.
  • During the first quarter, Phillips 66 funded $800 million of share repurchases, $486 million in dividends and $378 million of capital expenditures and investments.
  • Phillips 66 is on track to deliver $1 billion in run-rate savings by the end of 2023 under its business transformation initiative.
  • In Midstream, Phillips 66 was awarded the American Petroleum Institute’s (API) Distinguished Pipeline Safety Award for large operators for the third consecutive year.

Phillips 66 Reports Fourth-Quarter 2022 Financial Results

Retrieved on: 
Tuesday, January 31, 2023

Phillips 66 generated $4.8 billion in cash from operations in the fourth quarter of 2022.

Key Points: 
  • Phillips 66 generated $4.8 billion in cash from operations in the fourth quarter of 2022.
  • During the quarter, Phillips 66 repaid $500 million of senior notes due April 2023 and DCP Midstream, LP redeemed its $500 million Series A preferred units.
  • Phillips 66 continues to progress the priorities outlined at its recent investor day to increase shareholder value.
  • Phillips 66 is focused on improving refining operations to increase crude capacity availability, enhance market capture and reduce costs.

Phillips 66 Makes Final Investment Decision to Convert San Francisco Refinery to a Renewable Fuels Facility

Retrieved on: 
Wednesday, May 11, 2022

Phillips 66 (NYSE: PSX) made a final investment decision Wednesday to move forward with Rodeo Renewed, the project to convert its San Francisco Refinery in Rodeo, California, into one of the worlds largest renewable fuels facilities.

Key Points: 
  • Phillips 66 (NYSE: PSX) made a final investment decision Wednesday to move forward with Rodeo Renewed, the project to convert its San Francisco Refinery in Rodeo, California, into one of the worlds largest renewable fuels facilities.
  • This is a project that will help meet growing demand for lower-carbon fuels, preserve jobs and support California in achieving its climate goals.
  • It is a great example of how Phillips 66 is making meaningful investments in a sustainable energy future that can create long-term value for our shareholders.
  • The converted facility will leverage its flexible logistics infrastructure to secure renewable feedstocks from local, domestic and international sources and supply renewable fuels to California and other markets.