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Phillips 66 and Southwest Airlines collaborate to advance sustainable aviation fuel
April 22, 2021 GMT
HOUSTON (BUSINESS WIRE) Apr 22, 2021
Phillips 66 (NYSE: PSX) and Southwest Airlines (NYSE: LUV) have signed a memorandum of understanding to advance the commercialization of sustainable aviation fuel, focusing on public awareness and research and development. The memorandum of understanding also sets the framework to explore a future supply agreement involving Phillips 66’s Rodeo Renewed project in California and highlights the commitment by both companies to a sustainable energy future.
Sustainable aviation fuel, or SAF, is a lower carbon-intensity fuel that can be produced from renewable feedstocks such as waste oils, fats, greases and vegetable oils. It is a drop-in fuel, meaning it can be used in existing aircraft engines and airport fuel infrastructure.
Phillips 66 reports fourth-quarter 2020 financial results
Fourth Quarter
Reported a fourth-quarter loss of $539 million or $1.23 per share; adjusted loss of $507 million or $1.16 per share
Generated operating cash flow of $639 million
Completed Sweeny Hub Phase 2 expansion and the fourth dock at Beaumont Terminal
Commissioned second dock and additional storage at South Texas Gateway Terminal
Operated at 101% O&P utilization in Chemicals
Announced 2021 capital budget of $1.7 billion, including Phillips 66 Partners
Full-Year 2020
Generated $2.1 billion of operating cash flow
Responded rapidly to COVID-19 conditions; exceeded $500 million cost and $700 million capital reduction targets
Completed major growth projects, including Gray Oak Pipeline and Sweeny Hub Phase 2 expansion
The Most Important Oil Find Of The Next Decade Could Be Here
- FN Media Group Presents Oilprice.com Market Commentary
LONDON, Jan. 14, 2021 /PRNewswire/ Oil discoveries are on the decline, but with prices bouncing back, junior explorers are quickly becoming the talk of the town. Especially those with a presence in Africa, which may just be one of the most exciting oil frontiers on the planet. Mentioned in today s commentary includes:
Marathon Petroleum Corporation (NYSE: MPC),
Valero Energy Corporation (NYSE: VLO),
Phillips 66 (NYSE: PSX),
TC Energy Corporation (NYSE: TRP).
Reconnaissance Energy Africa (RECO.V; RECAF) is a small $300 million company that has secured petroleum licenses for an entire sedimentary basin in Namibia and Botswana.two extremely resource-friendly countries with very low royalties fees.
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Commitment to Disciplined Capital Allocation
Phillips 66 (NYSE:PSX), a diversified energy manufacturing and logistics company, announces its 2021 capital budget of $1.7 billion, which includes $0.3 billion at Phillips 66 Partners. Our 2021 capital budget is supported by our diversified portfolio, strong financial position and capital discipline, said Greg Garland, chairman and CEO of Phillips 66. We continue to focus on reducing capital expenditures as market conditions remain challenged. We are prioritizing completion of in-progress projects, as well as advancing our investments in renewable fuels. Phillips 66 is committed to financial flexibility, enabled by our balance sheet and strong investment grade credit ratings. We continue to execute our strategy with a focus on disciplined capital allocation and long-term value creation for our shareholders, including a secure, competitive, growing dividend.
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