Phillips 66 storage growth and financial results

Phillips 66 has released details of its Q2 results and shared information about its future growth plans.

At the company’s Beaumont Terminal, 1.2 million barrels of product storage was placed in service during the quarter. An additional 2.2 million barrels of crude storage is planned to be in service in the second half of 2018. Expansion of the terminal’s export facilities, from a current capacity of 400,000 BPD to 600,000 BPD, is scheduled to be completed in the first quarter of 2018.

The company has also shared information relating to their pipeline activities – full details are available on their website.

The firm’s Q2 earnings were $550m, compared with $535m in the first quarter of 2017. Excluding special items, adjusted earnings were $569m, compared with first-quarter adjusted earnings of $294m.

Chairman and CEO of Phillips 66, Greg Garland said: “We delivered good operating performance, generated strong cash flow and made significant progress in several growth initiatives during the quarter. The Bakken Pipeline and new storage capacity at the Beaumont Terminal were placed into service, and CPChem reached mechanical completion of two polyethylene units as part of its U.S. Gulf Coast Petrochemicals Project. Additionally, the Billings Refinery completed an advantaged crude project to enhance returns. The completion of these projects improves our future earnings and cash generation capability.

“In the quarter, we raised our dividend by 11 percent and increased share repurchases, returning $741 million to shareholders. In our first five years as a company, we have increased the dividend at a 30 percent compound annual growth rate and have repurchased or exchanged 131 million shares, representing more than 20 percent of our initial shares outstanding.”

For full details visit www.phillips66.com

7th Aug 2017