This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Phillips 66 Reports Third-Quarter Earnings Of $1.6 Billion Or $2.51 Per Share

Phillips 66 paid $125 million in dividends and repurchased $111 million of common stock as part of the company’s share repurchase plan. In October, Phillips 66’s Board of Directors declared a $0.25 per share dividend payable in the fourth quarter, representing a 25 percent increase. This dividend increase, along with the company’s $1.0 billion share repurchase plan, are part of Phillips 66’s strategy to return capital to its shareholders.

Strategic Initiatives

Phillips 66 continues to enhance returns and deliver growth. In R&M, the company is improving margins by accessing more advantaged feedstocks and increasing refined product export capability. In order to supply lower-cost crude to its refineries, the company recently entered into several transportation agreements and plans to improve targeted logistics infrastructure. These actions are expected to increase Phillips 66’s access to advantaged crudes. In addition, Phillips 66 continues to increase its export capability through low-cost capital investments, while also taking steps to market a wider variety of products globally when opportunities exist.

Phillips 66 remains committed to the expanding opportunities in the midstream industry as part of its strategy to deliver long-term profitable growth. Pursuant to an agreement in principle with Spectra Energy and DCP Midstream, the company expects to acquire a one-third ownership in DCP’s Sand Hills and Southern Hills NGL pipelines, representing a total estimated investment of $700 million to $800 million. This investment will enable DCP to maintain its growth plan through 2015. The Sand Hills pipeline is expected to commence deliveries of NGL from Eagle Ford into Mont Belvieu by year-end. The second phase, with service from the Permian Basin, is targeted to be in operation in the second quarter of 2013. The Southern Hills pipeline, which will extend from DCP’s Midcontinent region to Mont Belvieu, remains on schedule for completion in mid-2013.

CPChem announced in October that the Saudi Polymers Company world-scale petrochemicals facility in Saudi Arabia began commercial production. CPChem’s projects in the U.S. Gulf Coast are progressing as planned, including the proposed ethane cracker and related polyethylene facilities, as well as its 1-hexene plant.

4 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,856.78 -278.94 -1.54%
S&P 500 2,071.26 -29.78 -1.42%
NASDAQ 4,927.37 -55.4390 -1.11%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs