Phillips 66 is a diversified energy manufacturing and logistics company that focuses on the refining, transportation, and marketing of petroleum products
The company operates a network of refineries that produce a wide range of fuels and petrochemical products, contributing to the energy supply chain. Additionally, Phillips 66 is involved in the development of midstream and downstream activities, including the transportation of crude oil and refined products through pipelines and terminals. The company's operations emphasize safety, reliability, and environmental stewardship as they meet the energy needs of their customers while fostering innovation in energy technologies.
Let's have a look at what is happening on the US markets before the opening bell on Tuesday. Below you can find the top S&P500 gainers and losers in today's pre-market session.
Activist investor Elliott Investment Management has amassed a $2.5 billion stake in Phillips 66, significantly expanding its position in the U.S. oil refiner and intensifying pressure for operational restructuring, particularly regarding its midstream business.
The refiner reported fourth-quarter net earnings of $8 million, or $0.01 per share, compared with $346 million, or $0.82 per share in profit, last year.
Major stock indices have completed their recovery following Monday's sharp drop, buoyed by tech stocks rallying on the back of solid earnings and positive macroeconomic data. The S&P 500 index stands at 6,118 points at midday trading in New York, not far from the all-time high of 6,128 points reached last Friday.
Phillips 66 reported a decline in Chemicals segment income and improved loss in Refining segment, with plans to return cash to shareholders and reduce debt.
Phillips 66 to acquire EPIC NGL business for $2.2 billion in cash. Assets include fractionators, pipelines, and plans for expansion, increasing earnings per share.
