Phillips 66 (NYSE:PSX) has published its 2019 Sustainability Report titled Purpose and Progress, making it digitally available to employees, communities and investors at www.phillips66.com/Sustainability.
The publication builds on the company’s previously released sustainability report and brochures, while proactively sharing Phillips 66’s 2018 performance across its four sustainability pillars of operating excellence, environmental stewardship, social responsibility and financial performance.
“Through our sustainable business practices, we are helping to meet the world’s growing energy needs,” said Greg Garland, Phillips 66 Chairman and Chief Executive Officer. “This year’s report demonstrates the progress we have made across our sustainability pillars along with expanded environmental, social and governance metrics. Our efforts enable us to not only improve lives, but to also provide long-term value for all our stakeholders.”
Purpose and Progress was prepared using Sustainability Accounting Standards Board (SASB) materiality criteria – which connects businesses and investors on the financial impacts of sustainability – and addresses SASB criteria most relevant to Phillips 66’s businesses and stakeholders. Specific report excerpts across Phillips 66’s sustainability pillars include:
- Operating Excellence: Phillips 66’s Refining business achieved three consecutive years of industry leading safety performance, with Ponca City Refinery earning the American Fuel and Petrochemical Manufacturers’ 2018 Distinguished Safety Award.
- Environmental Stewardship: A 2018 waste management and recycling project kept more than 2,500 tons of waste out of landfills and provided more than 866,000 gallons of waste-derived fuel for kilns in the cement manufacturing industry.
- Social Responsibility: The Texas Diversity Conference recognized Phillips 66 as a top 25 organization with the highest percentage of women and minority inclusion in executive leadership and boards of directors.
- Financial Performance: Phillips 66 delivered record earnings of $5.6 billion in 2018 and reinvested $2.6 billion in the company through growth and sustaining capital projects.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $58 billion of assets as of March 31, 2019. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.