- Return $10 billion - $12 billion to shareholders by end of
2024
- Increase share repurchase authorization by $5 billion
- Improve Refining performance
- Integrate DCP Midstream; anticipate greater than $1 billion of
adjusted EBITDA accretion
- Sustainable cost reductions of $1 billion through Business
Transformation
Phillips 66 (NYSE: PSX) will provide a plan to deliver higher
shareholder distributions and increase shareholder value at its
investor day meeting in New York today.
“We are announcing a number of priorities designed to reward
shareholders,” said Mark Lashier, President and CEO of Phillips 66.
“Thanks to our clear vision, core values and dedicated employees,
we’ve enjoyed tremendous success since our inception 10 years ago.
We will continue our track record of strong returns and growing
distributions in a competitive and sustainable way. We have
returned more than $30 billion to shareholders since the company’s
formation in 2012, in large part from our uniquely integrated and
diversified assets in Midstream, Chemicals, Refining and
Marketing.”
Lashier said that the company plans to return an additional $10
billion to $12 billion to shareholders between mid-year 2022 and
the end of 2024 through a combination of dividends and share
repurchases. The company’s Board of Directors approved a $5 billion
increase to its authorization to repurchase its common stock, which
brings the total amount of share repurchases authorized by the
Board since 2012 to an aggregate of $20 billion.
Phillips 66 is enhancing Refining performance by taking
necessary actions to increase reliability, improve market capture
and reduce costs.
Phillips 66 plans to increase adjusted EBITDA by $3 billion over
the next three years. The company expects to achieve this growth
through its proposed 87% interest in DCP Midstream, execution of
Rodeo Renewed and other projects, as well as sustainable cost
reductions from its Business Transformation.
These actions will enable the company to increase distributions
to shareholders, Lashier said, adding that the company is committed
to disciplined growth and financial flexibility to drive returns
and reward shareholders, now and in the future.
Webcast of Investor Day Available
To access the webcast, go to the Events and Presentations
section of the Phillips 66 Investors site,
phillips66.com/investors. A replay will be archived on the Events
and Presentations page the day after the event, and a transcript
will be available at a later date.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains projections of future results,
savings and other forward-looking statements within the meaning of
the federal securities laws. Words such as “anticipated,”
“estimated,” “expected,” “planned,” “scheduled,” “targeted,”
“believe,” “continue,” “intend,” “will,” “would,” “objective,”
“goal,” “project,” “efforts,” “strategies” and similar expressions
that convey the prospective nature of events or outcomes generally
indicate forward-looking statements. However, the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements included in this news release are based
on management’s expectations, estimates and projections as of the
date they are made. These statements are not guarantees of future
performance and you should not unduly rely on them as they involve
certain risks, uncertainties and assumptions that are difficult to
predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecast in such
forward-looking statements. Factors that could cause actual results
or events to differ materially from those described in the
forward-looking statements include: the effects of any widespread
public health crisis and its negative impact on commercial activity
and demand for refined petroleum products; the inability to timely
obtain or maintain permits necessary for capital projects; changes
to worldwide government policies relating to renewable fuels and
greenhouse gas emissions that adversely affect programs like the
renewable fuel standards program, low carbon fuel standards and tax
credits for biofuels; fluctuations in NGL, crude oil, and natural
gas prices, and petrochemical and refining margins; our ability to
consummate the proposed transaction to acquire all of the publicly
held common units of DCP Midstream, LP (DCP Midstream) and the
timing and cost associated therewith; our ability to achieve the
expected benefits of the integration of DCP Midstream and from the
proposed transaction, if consummated; the diversion of management’s
time on transaction- and integration-related matters; the success
of the company’s Business Transformation initiatives and the
realization of savings from actions taken in connection therewith;
unexpected changes in costs for constructing, modifying or
operating our facilities; unexpected difficulties in manufacturing,
refining or transporting our products; the level and success of
drilling and production volumes around our Midstream assets; risks
and uncertainties with respect to the actions of actual or
potential competitive suppliers and transporters of refined
petroleum products, renewable fuels or specialty products; lack of,
or disruptions in, adequate and reliable transportation for our
NGL, crude oil, natural gas, and refined products; potential
liability from litigation or for remedial actions, including
removal and reclamation obligations under environmental
regulations; failure to complete construction of capital projects
on time and within budget; the inability to comply with
governmental regulations or make capital expenditures to maintain
compliance; limited access to capital or significantly higher cost
of capital related to illiquidity or uncertainty in the domestic or
international financial markets, which may also impact our ability
to repurchase shares and declare and pay dividends; potential
disruption of our operations due to accidents, weather events,
including as a result of climate change, acts of terrorism or
cyberattacks; general domestic and international economic and
political developments including armed hostilities (including the
Russia-Ukraine war), expropriation of assets, and other political,
economic or diplomatic developments; international monetary
conditions and exchange controls; changes in governmental policies
relating to NGL, crude oil, natural gas, refined petroleum
products, or renewable fuels pricing, regulation or taxation,
including exports; changes in estimates or projections used to
assess fair value of intangible assets, goodwill and property and
equipment and/or strategic decisions with respect to our asset
portfolio that cause impairment charges; investments required, or
reduced demand for products, as a result of environmental rules and
regulations; changes in tax, environmental and other laws and
regulations (including alternative energy mandates); political and
societal concerns about climate change that could result in changes
to our business or increase expenditures, including
litigation-related expenses; the operation, financing and
distribution decisions of equity affiliates we do not control; and
other economic, business, competitive and/or regulatory factors
affecting Phillips 66’s businesses generally as set forth in our
filings with the Securities and Exchange Commission. Phillips 66 is
under no obligation (and expressly disclaims any such obligation)
to update or alter its forward-looking statements, whether as a
result of new information, future events or otherwise.
Use of Non-GAAP Financial Information — This news release
includes the term “adjusted EBITDA” which is a non-GAAP financial
measure that we define as net income plus net interest expense,
income taxes, and depreciation and amortization. Adjusted EBITDA
estimates depend on future levels of revenues and expenses which
are not reasonably estimable at this time. Accordingly, we cannot
provide a reconciliation between projected adjusted EBITDA to net
income without unreasonable effort.
About Phillips 66
Phillips 66 (NYSE: PSX) manufactures, transports and markets
products that drive the global economy. The diversified energy
company’s portfolio includes Midstream, Chemicals, Refining, and
Marketing and Specialties businesses. Headquartered in Houston,
Phillips 66 has employees around the globe who are committed to
safely and reliably providing energy and improving lives while
pursuing a lower-carbon future. For more information, visit
phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005942/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Shannon Holy (investors) 832-765-2297 shannon.m.holy@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
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