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Phillips 66 (PSX) in Talks With Archer Daniels Over Biofuel JV
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Phillips 66 (PSX - Free Report) is in discussion with grain trader Archer-Daniels Midland (ADM - Free Report) regarding a biofuel joint venture (JV), which is intended to produce low-carbon jet fuel.
The companies are planning to incorporate Archer Daniels’ dry corn mill operations into the JV to convert grain-based alcohol into jet fuel.
In 2021, Archer Daniels divested its ethanol production complex in Peoria, IL. The company’s two remaining dry mills in Columbus, NE, and Cedar Rapids, IA, are among the largest in the United States. They have a combined capacity to produce 613 million gallons of ethanol per year.
As the world faces the challenges posed by greenhouse gas emissions and the depletion of fossil fuel resources, transitioning to renewable energy sources is vital. Renewable energy has become increasingly important in the global fight against climate change.
Many states in the United States have developed low-carbon fuel markets, which benefit fuel producers for developing motor fuels with less carbon emissions. They can gain appraisal for producing fuels with lower carbon intensity than refining crude oil.
Phillips 66 plans to start making renewable fuels at a Rodeo, CA, refinery next year. The refinery will no longer produce fuels from crude oil but convert processing fats, used cooking oils and soybean oils into renewable diesel, gasoline and jet fuel.
Axens provides technology solutions to convert oil and biomass into low-carbon fuels. The company will provide its ethanol-to-fuel conversion technology to either Phillips 66, Archer Daniels or a joint venture between the companies.
Based in Houston, TX, Phillips 66’s operations incorporate refining, midstream, marketing and specialties, and chemicals. The company is on track to enhance its potential in every business segment by streamlining its portfolio of assets and by investing in growth developments.
TC Energy (TRP - Free Report) reported second-quarter 2023 adjusted earnings of 71 cents per share, which missed the Zacks Consensus Estimate of 73 cents. This underperformance resulted from weak results in the Liquids Pipelines, and Power and Storage segments.
By 2024, TRP plans to maintain business growth at 3-5% and limit annual net capital expenditure to C$6-C$7 billion. It also considers lowering leverage and returning additional capital to shareholders.
Crestwood Equity Partners LP reported second-quarter 2023 adjusted earnings of $1.16 per unit, surpassing the Zacks Consensus Estimate of 26 cents. Strong quarterly earnings resulted from fantastic contributions from the Storage and Logistics business unit.
For this year, the partnership projects adjusted EBITDA of $780-$860 million.
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Phillips 66 (PSX) in Talks With Archer Daniels Over Biofuel JV
Phillips 66 (PSX - Free Report) is in discussion with grain trader Archer-Daniels Midland (ADM - Free Report) regarding a biofuel joint venture (JV), which is intended to produce low-carbon jet fuel.
The companies are planning to incorporate Archer Daniels’ dry corn mill operations into the JV to convert grain-based alcohol into jet fuel.
In 2021, Archer Daniels divested its ethanol production complex in Peoria, IL. The company’s two remaining dry mills in Columbus, NE, and Cedar Rapids, IA, are among the largest in the United States. They have a combined capacity to produce 613 million gallons of ethanol per year.
As the world faces the challenges posed by greenhouse gas emissions and the depletion of fossil fuel resources, transitioning to renewable energy sources is vital. Renewable energy has become increasingly important in the global fight against climate change.
Many states in the United States have developed low-carbon fuel markets, which benefit fuel producers for developing motor fuels with less carbon emissions. They can gain appraisal for producing fuels with lower carbon intensity than refining crude oil.
Phillips 66 plans to start making renewable fuels at a Rodeo, CA, refinery next year. The refinery will no longer produce fuels from crude oil but convert processing fats, used cooking oils and soybean oils into renewable diesel, gasoline and jet fuel.
Axens provides technology solutions to convert oil and biomass into low-carbon fuels. The company will provide its ethanol-to-fuel conversion technology to either Phillips 66, Archer Daniels or a joint venture between the companies.
Based in Houston, TX, Phillips 66’s operations incorporate refining, midstream, marketing and specialties, and chemicals. The company is on track to enhance its potential in every business segment by streamlining its portfolio of assets and by investing in growth developments.
Phillips 66 currently carries a Zack Rank #3 (Hold). Investors interested in the energy sector may look at the following companies that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TC Energy (TRP - Free Report) reported second-quarter 2023 adjusted earnings of 71 cents per share, which missed the Zacks Consensus Estimate of 73 cents. This underperformance resulted from weak results in the Liquids Pipelines, and Power and Storage segments.
By 2024, TRP plans to maintain business growth at 3-5% and limit annual net capital expenditure to C$6-C$7 billion. It also considers lowering leverage and returning additional capital to shareholders.
Crestwood Equity Partners LP reported second-quarter 2023 adjusted earnings of $1.16 per unit, surpassing the Zacks Consensus Estimate of 26 cents. Strong quarterly earnings resulted from fantastic contributions from the Storage and Logistics business unit.
For this year, the partnership projects adjusted EBITDA of $780-$860 million.