Phillips 66 (NYSE:PSX ) J.P. Morgan 2025 Energy, Power, Renewables & Mining Conference June 24, 2025 10:55 AM ET Company Participants Mark E.
Phillips 66 (PSX) closed the most recent trading day at $119.46, moving 1.3% from the previous trading session.
In the closing of the recent trading day, Phillips 66 (PSX) stood at $120.95, denoting a +1.9% move from the preceding trading day.
Elliott had been pushing for four new board seats on the oil refiner's board.
Elliott had been pushing for four new board seats on oil refiner's board.
Phillips 66 said on Thursday it will sell a 65% stake in its German and Austrian fuel retail business to a private equity-led consortium, valuing the unit at $2.8 billion, as the U.S. refiner streamlines its portfolio under pressure from activist investor Elliott Investment Management.
The activist investor won support from influential proxy advisory firm ISS.
Phillips 66 shares have underperformed, losing about 25% over the past year, due to weak refining margins and macroeconomic challenges. Q1 results were weak, with a $0.90 loss per share, but turnaround work should improve margins and throughput in the near term. The company is reducing debt and focusing on shareholder returns, with potential upside from asset sales and improved refining margins.
The headline numbers for Phillips 66 (PSX) give insight into how the company performed in the quarter ended March 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Lower realized refining margins worldwide hurt PSX Q1 earnings.
Shares of Phillips 66 (PSX), under pressure from activist Elliott Investment Management, fell Friday after the energy firm posted a wider-than-expected adjusted loss.
Phillips 66 reported a bigger-than-expected first-quarter loss on Friday, as lower refining margins amid a widespread maintenance and turnaround activity across the U.S. refining sector weighed on its performance.