Phillips 66 to Expand Texas Natural Gas Liquids Project
U.S. oil refiner Phillips 66 said on Wednesday it planned to spend up to $1.5 billion on the expansion of its natural gas liquids project in Sweeny, Texas.The expansion includes the construction of two natural gas liquids fractionators, with a capacity of 150,000 barrel per day (bpd) each, the company said.DCP Midstream LP said it had an option to buy up to a 30 percent stake in the fractionators.
Shell, Phillips 66 to Lift SPR bbls
Oil companies Shell and Phillips 66 together bought 6.4 million barrels of oil last week from the Strategic Petroleum Reserve (SPR), according to a Department of Energy document released on Tuesday. Shell bought 6.2 million barrels of oil and Phillips 66 bought 200,000 barrels on Jan. 18, according to the department document, seen by Reuters. The federal government held the sale to fund a revamp of the emergency oil stash, which is stored in salt caverns in Louisiana and Texas along the Gulf Coast.
Phillips 66's Profit Misses on Lower Margins
U.S. independent oil refiner Phillips 66 posted a lower-than-expected quarterly profit as margins were squeezed by the narrowing gap between U.S. crude prices and globally-traded Brent crude, to which prices of refined products are tied. The company's shares were down 1.3 percent at $80 in light premarket trading on Friday. Phillips posted an adjusted loss from its refining business of $95 million in the fourth quarter ended Dec. 31, compared with adjusted earnings of $376 million a year earlier.
Venezuela Delays Crude Shipments amid Operational Mishaps, Low Output
Venezuelan state oil company PDVSA has delayed and canceled crude deliveries to commercial partners in recent months, according to documents seen by Reuters, a further sign of the steady production decline of the country's top export. From October through January, PDVSA canceled or delayed delivery of almost 7 million barrels of crude due to cargoes being rescheduled or skipped, often because it did not have enough oil available, according to internal company documents seen by Reuters.
Missing worker dead in Phillips 66 pipeline blast
A worker missing since a Thursday night explosion at a Phillips 66 natural gas liquids pipeline station in Louisiana is believed dead, the company said on Saturday. The on-going fire at the onshore Paradis, Louisiana, pipeline station has forced a gas pipeline and two production facilities to curtail or shut production in the Gulf of Mexico. The body of the missing worker, identified as Josh Helms, of Thibodaux, Louisiana, is thought to be near the site of the fire, which continued to burn on Saturday, Phillips 66 said in a statement.
Japan to Import US Crude in May
Phillips 66 actively offering U.S. crude in Asia. Japan will receive a U.S. crude cargo in May, its second such purchase from the United States since Washington lifted a four-decade ban on crude exports, industry sources said on Wednesday. This will follow the arrival in April of Japan's first crude cargo from the United States, bought by Cosmo Oil Co earlier this year, indicating a growing willingness among Asian refiners to experiment with new grades as they seek to diversify their feedstock sources away from the Middle East.
East Coast Refiners Mull Texas Oil as North Dakota Alternative
U.S. East Coast refiners are looking to buy increasing volumes of domestic crude oil from the Gulf Coast, two sources said, the latest twist in a trade flow upheaval in the wake of the opening of the Dakota Access pipeline. Major U.S. East Coast refiners profited from railing hundreds of thousands of barrels of discounted Bakken crude to their plants daily from 2013 until 2015. But as more and more pipelines were built in North Dakota, the discount began to disappear, and so did the rail cars.
Phillips 66 Q2 Profit Beats Street
U.S. independent oil refiner Phillips 66 reported a bigger-than-expected rise in quarterly profit helped by strength in its chemicals and refining units. The company said earnings from its refining business, its biggest income generator, rose more than 50 percent to $224 million in the second quarter due to higher volumes and lower costs. Phillips 66, which also stores and transports fuels, said earnings from its chemicals business rose to $196 million from $190 million helped by higher volumes and improved margins.
Phillips 66 Partners to buy Phillips 66 Assets
Phillips 66 Partners LP said on Friday it would buy assets from refiner Phillips 66 in a deal valued at $2.4 billion, including debt. Phillips 66 Partners said it would buy a 25 percent interest in each Dakota Access and Energy Transfer Crude Oil pipelines and a 100 percent interest in Merey Sweeny LP fuel-grade coke processing unit. Reporting by John Benny
Phillips 66 Profit Halved on Gasoline Glut
Phillips 66's quarterly profit halved as an oversupply of gasoline and diesel hurt its refining margins. Earnings from Phillips 66's refining business plunged 75.3 percent to $149 million in the second quarter. Crack spreads, the difference between the cost of crude and refined products, have narrowed due to oversupply, causing inventories to swell and squeezing margins. The company, like other refiners, has also been hit by a rise in global crude prices, which touched an eight-month high in June.
Irving Oil to Buy Irish Refinery from Phillips 66
Irving Oil said on Wednesday it agreed to buy Ireland's only refinery from Phillips 66, a deal that will extend the Canadian company's reach across the Atlantic. The value of the deal, expected to close by the end of the third quarter, was not disclosed in a news release from Irving, which operates Canada's largest refinery in the province of New Brunswick. The deal will give the closely held Canadian company, controlled by the billionaire Irving family, full ownership of the Whitegate refinery near Cork, Ireland.
Buffett's Berkshire Takes $4.48 bln Stake in Phillips 66
Warren Buffett's Berkshire Hathaway Inc disclosed a $4.48 billion stake in oil refiner Phillips 66, rebuilding a bet it had made in the energy industry before oil prices fell. The 57.98 million-share, or roughly 10.8 percent, stake was revealed in a Friday night filing with the U.S. Securities and Exchange Commission. Phillips 66 shares closed Friday at $77.23. Berkshire once held a large stake in the Houston-based company, but shed nearly two-thirds…
Fire at Phillips 66 Louisiana Refinery Out, No Injuries
A fire in a processing unit on Monday at Phillips 66's 260,000 barrel per day Lake Charles refinery in Louisiana, has been put out, an emergency management official said. No injuries were reported at the refinery, which is located in Westlake, Louisiana, according to a local official. It was not immediately clear in which unit the fire started. A representative for Phillips 66 did not immediately comment. Local media had earlier said that the fire broke out around midday. Reporting by Liz Hampton and Erwin Seba
Phillips 66: $3.6 bln '16 CapEx, More Buybacks
U.S. refiner Phillips 66 announced a capital budget of $3.6 billion for 2016 and raised its share buyback plan by $2 billion. The capital budget excludes Phillips 66 Partners' capital program, Phillips 66 said on Monday. Reporting by Shubhankar Chakravorty
Refining Margins Push Phillips 66 Q4 Profits
U.S. refiner Phillips 66 on Friday beat analysts' quarterly profit estimates, largely helped by higher refining margins. The company said realized refining margins rose to $8.98 per barrel in the fourth quarter, from $6.47 a year earlier. Excluding one-time items, the company earned $1.07 per share, beating analysts' average estimate of 86 cents, according to Thomson Reuters I/B/E/S. Phillips 66's profit surged in the quarter as the refiner benefited from a $2.74 billion gain due to the recent changes in the U.S. tax law.
Phillips 66 Partners to buy Logistics Assets from Phillips 66
Phillips 66 Partners LP said it agreed to buy crude, refined products and natural gas liquids logistics assets from Phillips 66 for $1.3 billion. Phillips 66 Partners plans to fund the deal with debt and $196 million in new units of Phillips 66 Partners issued to Phillips 66. Reporting by Arathy S Nair
Phillips 66 Profit Beats on Strength in Midstream Units
Phillips 66 reported a better-than-expected quarterly profit on Friday, helped by profitability at two of its midstream units. Shares of the company, which cut costs to weather weakness in its refining business, were up slightly at $80.58 in early trading. U.S. refiners are in the midst of their worst year since the shale boom began in 2011. High fuel inventories have punished margins this year, forcing some refiners to voluntarily cut production, delay capital work, lay off workers and slash employee benefits.
Phillips 66 Now Exporting US Oil to Canada
Phillips 66 joined a long list of companies exporting U.S. oil to Canada after it secured a license to do so last year, the company said late on Thursday. The Houston-based company does not own a refinery in Canada, unlike other exporters like Valero Energy, which sends U.S. oil to its Quebec refinery. "A Phillips 66 spokesman declined to say where in Canada its exports are headed and in what volume. "As a matter of practice, Phillips 66 does not comment on commercial activity," spokesman Dennis Nuss said.
Phillips 66 Ferndale Refinery has Power Disruption
A power disruption led to larger-than-normal flaring at the Phillips 66 refinery in Ferndale, Washington on Sunday, the Discover Ferndale news website reported. The incident did not result in any injuries and no off-site impact has been detected, the report quoted the company as saying. Phillips 66, which runs the 101,000 barrel-per-day refinery, could not be immediately reached for comment. Reporting by Arpan Varghese
Refiner Phillips 66 Reports Q1 Profit Dip
U.S. oil refiner Phillips 66 reported a 2 percent fall in first-quarter profit on Friday, hurt by higher costs. The company's consolidated earnings fell to $524 million in the first quarter from $535 million a year earlier. Adjusting for number of shares outstanding the company earned $1.07 per share, from $1.02 per share a year earlier. Adjusting for some items, Phillips 66 earned $512 million from $294 million. Reporting by Taenaz Shakir