This is our first report on integrated energy player, Phillips 66. The company delivered a strong set of results since the start of 2022 and its last quarter was an all-around beat. Earlier in the year, the company completed the buy-in of Phillips 66 Partners in midstream. Furthermore, the management is moving forward with the Rodeo Renewed project and anticipate finishing the last stages of the permitting procedure soon. Over 50,000 barrels of renewable fuel can initially be produced daily at Rodeo. The conversion will also lower the facility’s emissions. The company also recently formed a joint venture with H2 Energy Europe to build up to 250 retail hydrogen refuelling stations throughout Germany, Austria, and Denmark by 2026. Overall, the company is well-positioned to gain momentum in the foreseeable future because of its long-term strategies. We give their stock a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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