Cenovus Energy Inc T.CVE.WT

Phillips 66 in talks for non-core assets sale: CEO

[ztransforms173]

https://www.youtube.com/watch?v=Sf5kzNkkHwM

- any GUESSES ?

^^^

Phillips 66 in talks for non-core assets sale: CEO

By Mrinalika Roy and Laura Sanicola

January 4, 20243:45 PM EST
Updated 6 hours ago

 

 

Flags wave in front of the Phillips 66 refinery near Lake Charles, Louisiana, U.S. October 11, 2020. REUTERS/Stephanie Kelly/File Photo Acquire Licensing Rights

• Companies

• Phillips 66

  Follow
• Chevron Corp

  Follow

Jan 4 (Reuters) - U.S. refiner and petrochemical manufacturer Phillips 66 (PSX.N) is in active discussions for a sale of its non-core assets, Chief Executive Mark Lashier said on Thursday during an energy conference.

Last year, the company said it would monetize $3 billion in non-core assets in 2024 as part of a plan to boost returns by cutting costs and assets.

Lashier, however, said there was no fixed timeline when such potential sales may occur.

"We don't have (a) sense of urgency... It's really going to be a function of whether someone puts a greater value on these assets than we do."

The refiner has lagged behind its rivals at a time when the industry benefited from higher fuel demand and saw a surge in margins. The company has also come under fire from activist investment firm Elliott Investment Management for its refining operations.

About the refining business, Lashier said inventories continue to be low, but he sees strength going into next year.

The CEO was also optimistic about the long-term prospects of CP Chemical, a 50/50 joint venture with Chevron (CVX.N), that some Wall Street analysts have pegged as a potential divestiture.

"We still have good, strong conviction around the long-term benefits of chemicals business but we did hit bottom in 2023... we see fundamentals continue to improve."

Reporting by Mrinalika Roy and Laura Sanicola; Editing by Shilpi Majumdar


https://www.reuters.com/business/energy/phillips-66-active-talks-non-core-assets-sale-ceo-2024-01-04/


***

- ANY CORRELATION with the LARGE share price DROP TODAY

- CVE-T :  CLOSE: $ 21.90 minus $ 0.81 (-3.6%)

z173
 

[cashtango00]

you better hope its not CVE.  That would push back their 4b target for the millionth time.  The marktet has grown tired of CVE continually pushing out their debt target.  Its the main reason its the worst major integrated energy stock by a large margin.

[ztransforms173]

- I am 100% IN FAVOR Of Cenovus Energy BUYING OUT the WRB REFINING 50% joint venture owner Phillips 66 for a FAIR PRICE - I am ALL WET about receiving HIGHER DIVIDENDS and MORE SHARE BUYBACKS as ROBUST CAPITAL GAINS is FERVENTLY PREFERRED - CVE is a STRONGER company operating the WOOD RIVER and BORGER crude oil refineries on a FULL INTEREST BASIS ENABLING a MUCH HIGHER CAPTURE of the FULL

[Diligent2]

Not a fair price!!! In a normal crude market YES BUT in this manipulated market where investor returns do not exist, we want a better than fair price!!!!

[ztransforms173]

- Phillips 66 are NOT LIGHT-FEATHERED SCHMUCKS - they are PROFICIENT OPERATORS holding a VERY STRONG HAND - so GETTING a DISCOUNTED PRICE on those two refineries is SIMPLY OUT OF THE QUESTION - our ACE in the HOLE is the coming operation of TMX pipeline which will drive REFINERY FEEDSTOCK HIGHER but will NOT HURT US since we PRODUCE the DILUTED BITUMEN that we will SHIP to those refineries 

[Margin321]

On a recent trip south we crossed the Mississippi river north of St. Louis instead of further south and drove south along the river on the east side heading into St. Louis. That brought us right by the Wood River refinery which is a totally impressive site. I can see why you say it is a jewel in the crown.

[cashtango00]

On the last conference call, this was brought up, and management said they are more likely not to be buyers of more refinery assets, and to focus on cash returns to shareholders after hitting the 4b debt target.  The market is already beyond frusterated with management's inability to to get to that 4b target that would increase shareholder returns.  Their inability to give solid

[mrbb]

with Elliott pushing P66 to sell their refineries, i can see this as a buyer's market deal with an accretive price or else the buyer would not buy it

[Cabarete1]

Depending on the price, it would be an oppertunitisy purchase.  If the stock tanked, then that would give them a prime opportunity to buy back stock.   It's unlkely that oil is going to tank, so a coule years from now it would look like a great move, even though it would upset a lot of the minority shareholders, the big institutions would love it.

[meritmat]

  They want to buy it sure.  Just make sure in the news release the div is increased 50%