Phillips 66 Enters Material Agreement, New Financial Obligation
Ticker: PSX · Form: 8-K · Filed: Feb 28, 2024 · CIK: 1534701
| Field | Detail |
|---|---|
| Company | Phillips 66 (PSX) |
| Form Type | 8-K |
| Filed Date | Feb 28, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.01, $5 billion, $1 billion, $6 b, $600,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, material-agreement, financial-obligation
TL;DR
**Phillips 66 just took on new debt or a big contract, details are sparse but it's a material event!**
AI Summary
This 8-K filing from Phillips 66 on February 28, 2024, reports an event on February 26, 2024, concerning the entry into a material definitive agreement and the creation of a direct financial obligation. The filing indicates that Phillips 66, a Delaware-incorporated petroleum refining company, has undertaken new financial commitments. The specific details of the agreement and obligation are not provided in the excerpt, but the filing confirms their existence.
Why It Matters
This filing signals new financial commitments for Phillips 66, which could impact its balance sheet, future cash flow, and overall financial health, potentially affecting investor sentiment.
Risk Assessment
Risk Level: medium — The filing indicates new financial obligations without providing specific details, creating uncertainty about the nature and potential impact of these commitments.
Key Players & Entities
- Phillips 66 (company) — Registrant
- February 26, 2024 (date) — Date of earliest event reported
- February 28, 2024 (date) — Filing date
- Delaware (company) — State of incorporation for Phillips 66
- 001-35349 (company) — Commission File Number for Phillips 66
FAQ
What is the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 26, 2024.
What type of company is Phillips 66 according to its Standard Industrial Classification?
Phillips 66 is classified under Petroleum Refining [2911].
What items of information are reported in this 8-K filing?
The 8-K reports on 'Entry into a Material Definitive Agreement', 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant', 'Other Events', and 'Financial Statements and Exhibits'.
Where is Phillips 66's principal executive office located?
Phillips 66's principal executive office is located at 2331 CityWest Boulevard, Houston, Texas 77042.
What is the filing date of this 8-K?
The filing date of this 8-K is February 28, 2024.
Filing Stats: 1,500 words · 6 min read · ~5 pages · Grade level 11.2 · Accepted 2024-02-28 17:03:56
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value PSX New York Stock Exchan
- $5 billion — bsidiary of Phillips 66, entered into a $5 billion revolving credit agreement with a syndi
- $1 billion — Credit Agreement by up to an additional $1 billion for a total of $6 billion, subject to,
- $6 b — an additional $1 billion for a total of $6 billion, subject to, among other things,
- $600,000,000 — blic offering by Phillips 66 Company of $600,000,000 aggregate principal amount of its 5.250
- $400,000,000 — nior Notes due 2031 (the "2031 Notes"), $400,000,000 aggregate principal amount of its 5.300
- $500,000,000 — 2033 (the "Additional 2033 Notes"), and $500,000,000 aggregate principal amount of its 5.650
- $300,000,000 — DCP Midstream Operating, LP will redeem $300,000,000 in aggregate principal amount of its 5.
- $700,000,000 — 2025 and Phillips 66 Company will repay $700,000,000 of outstanding borrowings under its $1.
- $1.5 billion — 000 of outstanding borrowings under its $1.5 billion delayed draw term loan facility entered
Filing Documents
- d720476d8k.htm (8-K) — 35KB
- d720476dex11.htm (EX-1.1) — 165KB
- d720476dex42.htm (EX-4.2) — 68KB
- d720476dex44.htm (EX-4.4) — 67KB
- d720476dex51.htm (EX-5.1) — 12KB
- d720476dex101.htm (EX-10.1) — 616KB
- g720476dsp77.jpg (GRAPHIC) — 4KB
- 0001193125-24-050838.txt ( ) — 1307KB
- psx-20240226.xsd (EX-101.SCH) — 3KB
- psx-20240226_lab.xml (EX-101.LAB) — 17KB
- psx-20240226_pre.xml (EX-101.PRE) — 11KB
- d720476d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d)Exhibits. 1.1 Terms Agreement (including the provisions of the Underwriting Agreement incorporated by reference in the Terms Agreement), dated February 26, 2024, among Phillips 66 Company, Phillips 66 and the several Underwriters named in Schedule A to the Terms Agreement. 4.1 Indenture, dated as of May 5, 2022, among Phillips 66 Company, as issuer, Phillips 66, as guarantor, and U.S. Bank Trust Company, National Association, as trustee, in respect of senior debt securities of Phillips 66 Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Phillips 66 filed on May 5, 2022; File No. 001-35349). 4.2 Form of the terms of the 2031 Notes, including the form of the 2031 Note. 4.3 Form of the terms of the 2033 Notes, including the form of the 2033 Note (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of Phillips 66 filed on March 29, 2023; File No. 001-35349). 4.4 Form of the terms of the 2054 Notes, including the form of the 2054 Note. 5.1 Opinion of Bracewell LLP. 10.1 Credit Agreement dated as of February 28, 2024, among Phillips 66 Company, Phillips 66, as guarantor, the lenders party thereto, and Mizuho Bank, Ltd., as administrative agent. 23.1 Consent of Bracewell LLP (included in Exhibit 5.1 hereto). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHILLIPS 66 By: /s/ Vanessa Allen Sutherland Name: Vanessa Allen Sutherland Title: Executive Vice President February 28, 2024