Key Developments: Phillips 66 (PSX)
65.46USD
17 May 2013
$1.62 (+2.54%)
$63.84
$64.20
$65.92
$64.18
5,524,472
4,654,580
$70.52
$29.25
Latest Key Developments (Source: Significant Developments)
Phillips 66 Announces Quarterly Dividend
Phillips 66 announced that it has declared a quarterly dividend of 31.25 cents per share on Phillips 66 common stock. The dividend is payable on June 3, 2013, to shareholders of record at the close of business on May 20, 2013. Full Article
Chicago Bridge & Iron Company NV Announces To Acquire Technology Business From Phillips 66
Chicago Bridge & Iron Company NV announced that it has entered into an agreement with Phillips 66 to acquire the company's E-Gas Technology business. The E-Gas solids gasification technology is a process to convert coal or petroleum coke (petcoke) into syngas, which can be used for power generation or further converted to substitute natural gas, hydrogen and downstream methanol-related chemicals production. Financial terms of the transaction were not disclosed. Full Article
Phillips 66 Announces Quarterly Dividend
Phillips 66 announced that it has declared a quarterly dividend of 31.25 cents per share on Phillips 66 common stock. Consistent with the Company's previous announcement to raise its 2013 annual dividend rate, this dividend represents a 25% increase from the prior quarter. The dividend is payable on March 1, 2013, to shareholders of record at the close of business on Feb. 18, 2013. Full Article
Phillips 66 Announces Increase In Regular Dividend And Expanded Share Repurchase Plan
Phillips 66 announced that it has approved a 25 % increase in the Company`s dividend, effective in the first quarter of 2013, representing an annual dividend of $1.25 per share of common stock. Phillips 66`s board of directors has also approved an additional $1 billion share repurchase which augments the $1 billion share repurchase plan announced in the third quarter of 2012. The shares will be repurchased from time to time in the open market at the Company`s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. Full Article
Phillips 66 Announces 25% Increase In Quarterly Dividend
Phillips 66 announced that it has declared a quarterly dividend of $0.25 per share on Phillips 66 common stock, representing a 25% increase from the prior quarter. The dividend is payable on December 3, 2012 to shareholders of record at the close of business on October 15, 2012. Full Article
Phillips 66 Announces Share Repurchase Plan
Phillips 66 announced that the Board of Directors has approved the repurchase of up to $1.0 billion of the Company’s outstanding common shares. Full Article
Phillips 66 Announces First Quarterly Dividend
Phillips 66 announced a quarterly dividend of $0.20 per share on Phillips 66 common stock. This dividend is payable September 4, 2012, to stockholders of record at the close of business on July 23, 2012. Full Article
Delta Air Lines Inc Set To Close Refinery Deal with Phillips 66-Reuters
Reuters reported that Delta Air Lines Inc is set to close its deal to buy the Trainer, Pennsylvania, refinery on time later this month, allowing it to begin a long-delayed maintenance overhaul in early July. Delta will take possession of the 185,000 refinery from Phillips 66 on June 22, 2012 according to sources familiar with the situation. Workers are expected to return to work the week of June 25, 2012 after the transfer of assets. A plant-wide turnaround lasting 40 to 50 days is expected to begin after July 4, 2012 allowing the idled plant to resume producing fuel. The maintenance, which is required every five years, was originally due in the spring of 2011, but had been deferred until the plant was shut later that year. A Phillips 66 spokesman said the deal would close before the end of June. When the $180 million deal was announced in late April, Delta had said it wanted to close the transaction in the first half and begin producing fuel during the third quarter. It also said it expected to reconfigure parts of the refinery in order to maximizes jet fuel production, a process that should also be complete by the end of the third quarter. A spokesman for Delta declined to comment. Full Article
Delta Air Lines's Subsidiary To Acquire Trainer Refinery Complex And Enters Strategic Agreement With BP Plc And Phillips 66
Delta Air Lines's Subsidiary announced that it has reached agreement with Phillips 66 to acquire the Trainer refinery complex south of Philadelphia. Monroe will enter into strategic sourcing and marketing agreements with BP and Phillips 66. The acquisition includes pipelines and transportation assets that will provide access to the delivery network for jet fuel reaching Delta's operations throughout the Northeast, including its hubs at LaGuardia and JFK. After receipt of $30 million in state government assistance for job creation and infrastructure improvement from the Commonwealth of Pennsylvania, Monroe's investment to acquire the refinery will be $150 million, and Monroe will spend $100 million to convert the existing infrastructure to maximize jet fuel production. Monroe is partnering with energy companies to supply crude oil and receive jet fuel in exchange for Trainer's non-jet fuel outputs. Under a three-year agreement, BP will supply the crude oil to be refined at the facility. Monroe Energy will exchange gasoline and other refined products from Trainer for jet fuel from Phillips 66 and BP elsewhere in the country through multi-year agreements.Monroe expects to close on the acquisition in the half of 2012. Jet fuel production is expected to begin during the third quarter, and changes to the plant infrastructure to increase jet fuel production would be complete by the end of the third quarter, resulting in expected 2012 fuel savings of more than $100 million. Full Article
ConocoPhillips Board Of Directors Approves Spin-off Of Phillips 66
ConocoPhillips announced that its Board of Directors has given final approval for the spin-off of its downstream businesses. The resulting upstream company will keep the ConocoPhillips name and will be led by Chairman and CEO Ryan Lance. The downstream company, led by Chairman and CEO Greg Garland, will be known as Phillips 66. Both companies will be headquartered in Houston. The two new companies will be separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock. This distribution is expected to occur after market close on April 30, 2012. ConocoPhillips shareholders will receive one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held at the close of business on the record date of April 16, 2012. Fractional shares of Phillips 66 common stock will not be distributed and any fractional share of Phillips 66 common stock otherwise issuable to a ConocoPhillips shareholder will be sold in the open market on such shareholder's behalf, and such shareholder will receive a cash payment with respect to that fractional share. Following the distribution of Phillips 66 common stock, Phillips 66 will be an independent, publicly traded company, and ConocoPhillips will retain no ownership interest. Phillips 66 has received approval for the listing of its common stock on the New York Stock Exchange under the symbol PSX. Full Article
UPDATE 2-Phillips 66 CEO not concerned about narrowed US crude discount
* Company after Canadian heavy crude for Calif. refineries
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