Phillips 66 releases 2024 Sustainability and People Report
20 June 2024 - 10:45PM
Business Wire
Company offers a look into how it is
approaching the future of energy
Phillips 66 (NYSE: PSX) released its 2024 Sustainability and
People Report today, demonstrating the company’s approach to
helping supply the world’s growing energy needs while advancing
projects to reduce emissions and foster growth.
“This report is both a snapshot of our employees’ achievements
and a roadmap for the future as we continue to deliver on our
strategic priorities,” said Phillips 66 Chairman and CEO Mark
Lashier. “Our successes in 2023 demonstrate our commitment to
carrying out our mission of providing energy and improving lives.
We are energized by the opportunities ahead as we pursue
lower-carbon and other investments that are the right strategic
fits for our business.”
For the first time, the company has merged its previous
sustainability and human capital management disclosures into one
report. This year’s publication focuses on Phillips 66’s 2023
sustainability performance and its approach to building a
high-performing organization, including:
- Completing the transition and startup of its San Francisco
Refinery into the Rodeo Renewable Energy Complex, one of the
world’s largest renewable fuels facilities
- Making progress on sustainability goals and GHG emissions
reduction targets, including methane emissions management
- Investing in employee development and building innovative teams
to find new ways of working
Phillips 66 has published annual sustainability metrics and
information since the company was founded in 2012. The company is
committed to providing transparent and meaningful disclosures
relating to its workforce practices and sustainability initiatives,
including important performance data.
To read Phillips 66’s 2024 Sustainability and People Report, go
to phillips66.com/sustainability.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading diversified and integrated
downstream energy provider that manufactures, transports and
markets products that drive the global economy. The company’s
portfolio includes Midstream, Chemicals, Refining, and Marketing
and Specialties businesses. Headquartered in Houston, Phillips 66
has employees around the globe who are committed to safely and
reliably providing energy and improving lives while pursuing a
lower-carbon future. For more information, visit phillips66.com or
follow @Phillips66Co on LinkedIn.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This news release contains forward-looking statements within the
meaning of the federal securities laws. Words such as
“anticipated,” “estimated,” “expected,” “planned,” “scheduled,”
“targeted,” “believes,” “continues,” “intends,” “will,” “would,”
“objectives,” “goals,” “projects,” “efforts,” “strategies” and
similar expressions are used to identify such forward-looking
statements. However, the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements
included in this news release are based on management’s
expectations, estimates and projections as of the date they are
made. These statements are not guarantees of future performance and
you should not unduly rely on them as they involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecast in such forward-looking statements.
Forward-looking statements contained in this release include, but
are not limited to, statements regarding the transition and startup
of the San Francisco Refinery into the Rodeo Renewable Energy
Complex, progress made on sustainability goals and GHG emissions
targets, and investment in employee development and team building.
Factors that could cause actual results or events to differ
materially from those described in the forward-looking statements
include: fluctuations in NGL, crude oil, refined petroleum product
and natural gas prices, and refining, marketing and petrochemical
margins; changes in governmental policies or laws that relate to
NGL, crude oil, natural gas, refined petroleum products, or
renewable fuels that regulate profits, pricing, or taxation, or
other regulations that limit or restrict refining, marketing and
midstream operations or restrict exports; the effects of any
widespread public health crisis and its negative impact on
commercial activity and demand for refined petroleum products;
Phillips 66’s ability to timely obtain or maintain permits
necessary for capital projects; changes to worldwide government
policies relating to renewable fuels and greenhouse gas emissions
that adversely affect programs including the renewable fuel
standards program, low carbon fuel standards and tax credits for
biofuels; Phillips 66’s ability to achieve the expected benefits of
the integration of DCP Midstream, LP, including the realization of
synergies; the success of Phillips 66’s business transformation
initiatives and the realization of savings and cost reductions from
actions taken in connection therewith; unexpected changes in costs
for constructing, modifying or operating Phillips 66’s facilities;
Phillips 66’s ability to successfully complete, or any material
delay in the completion of, asset dispositions or acquisitions that
Phillips 66 may pursue; unexpected difficulties in manufacturing,
refining or transporting Phillips 66’s products; the level and
success of drilling and production volumes around Phillips 66’s
midstream assets; risks and uncertainties with respect to the
actions of actual or potential competitive suppliers and
transporters of refined petroleum products, renewable fuels or
specialty products; lack of, or disruptions in, adequate and
reliable transportation for Phillips 66’s NGL, crude oil, natural
gas, and refined products; potential liability from litigation or
for remedial actions, including removal and reclamation obligations
under environmental regulations; failure to complete construction
of capital projects on time and within budget; Phillips 66’s
ability to comply with governmental regulations or make capital
expenditures to maintain compliance with laws; limited access to
capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international
financial markets, which may also impact Phillips 66’s ability to
repurchase shares and declare and pay dividends; potential
disruption of Phillips 66’s operations due to accidents, weather
events, including as a result of climate change, acts of terrorism
or cyberattacks; general domestic and international economic and
political developments, including armed hostilities (such as the
Russia-Ukraine war), expropriation of assets, and other political,
economic or diplomatic developments; international monetary
conditions and exchange controls; changes in estimates or
projections used to assess fair value of intangible assets,
goodwill and property and equipment and/or strategic decisions with
respect to Phillips 66’s asset portfolio that cause impairment
charges; investments required, or reduced demand for products, as a
result of environmental rules and regulations; changes in tax,
environmental and other laws and regulations (including alternative
energy mandates); political and societal concerns about climate
change that could result in changes to Phillips 66’s business or
increase expenditures, including litigation-related expenses; the
operation, financing and distribution decisions of equity
affiliates that Phillips 66 does not control; and other economic,
business, competitive and/or regulatory factors affecting Phillips
66’s businesses generally as set forth in its filings with the
Securities and Exchange Commission. Phillips 66 is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240619615096/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Owen Simpson (investors) 832-765-2297 owen.simpson@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
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