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Phillips 66 Sees Steadier Times as Chemical Investments Increase

Phillips 66 Sees Steadier Times as Chemical Investments Increase

chemical_processing

Industry Segment: Chemical Processing | Word Count: 587 Words

SUGAR LAND--January 31, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) reported much better financial results in the final quarter of 2021 than it did in the corresponding period of 2020. The company reported earnings of $1.27 billion in fourth-quarter 2021, compared with a net loss of $539 million in the same quarter of 2020. Since the onset of the COVID-19 pandemic, Phillips 66 seems to have shifted investments away from certain midstream projects--namely pipelines--and conventional refining, and appears to be strengthening its spending in the Chemical Processing sector and focusing on lower-carbon fuels.

Other companies featured: Chevron (NYSE:CVX)

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