Phillips 66 stock performance after its Q1 2019 results

Phillips 66 (PSX) announced its first-quarter results on April 30, 2019. On the day, Phillips 66 closed at $94.3 per share, around 1.1% lower than its previous close, which was due to Phillips 66’s first-quarter earnings, which declined. On the day, Phillips 66 saw highs of $96.6 and lows of $93.7.

Phillips 66 Stock Down after Lower Q1 Earnings

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Phillips 66 peers also fell on the day. Marathon Petroleum (MPC), HollyFrontier (HFC), and Delek US Holdings (DK) fell by 0.2%, 1.7%, and 1.1%, respectively.

However, on April 30, equity markets and the benchmark refining crack rose. The SPDR S&P 500 ETF (SPY), the broader market indicator, rose by 0.1% on April 30. Plus, the US Gulf Coast WTI 3-2-1, the benchmark crack, rose by 0.4% on the day.

Phillips 66’s growth update

Phillips 66 has continued its growth spending in the first quarter. Phillips 66’s adjusted capex stood at $675 million in Q1 2019, of which $419 million was in the midstream segment.

In the midstream segment, Phillips 66 is expanding its Sweeny Hub, its strategically located integrated NGL (natural gas liquids) facility on the US Gulf Coast. The hub provides vital access to export markets for fuels, petrochemicals, and LPG (liquefied petroleum gas). The expansion is expected to be completed in Q4 2020.

Also, Phillips 66’s other midstream project is Gray Oak pipeline with a capacity of 900,000 barrels per day (or bpd). The pipeline connects sources like the Permian Basin and Eagle Ford to destinations like Corpus Christi and Sweeny. This pipeline is expected to be operational in Q4 2019.

Plus, Beaumont Terminal has now expanded to 14.6 million barrels of storage capacity, which is expected to grow by another 2.2 million barrels by Q1 2020.

In refining the refining sector, Phillips 66 is setting up a 25,000-barrel-per-day isomerization unit at the Lake Charles Refinery, which is expected to be completed by Q3 2019. Also, the project of modernizing fluid catalytic cracking at the Sweeny refinery is expected to be completed by Q2 2020.

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