Phillips 66 (NYSE: PSX) plans on cutting greenhouse gas emissions intensity from its operations and energy products by 2030, the Houston-based company revealed in a press release on Thursday.
Phillips 66’s new emissions targets
Compared to 2019 levels, Phillips 66 is committing to a 30% reduction in direct and indirect emissions from its operations. Emissions from the consumption of its energy products will be cut by 15% by the end of the decade.
Commenting on the new emissions targets, CEO Greg Garland said:
We believe our targets will drive innovation and create shareholders value. We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies.
Quint Tatro’s outlook on Phillips 66
Also on Thursday, Joule Financial’s Quint Tatro said Phillips 66 could perform well in the fourth quarter as the energy company is “yet to participate” in the uptick in oil.
At 11 times earnings with a 5.0% dividend, Tatro sees Phillips 66 as an “attractive value play”. On CNBC’s “Trading Nation”, he said:
I think people forget that it’s a reopening play as well. They have 7,500 retail locations. As more people take to the road, I think they’re going to continue to do well. So, it’s attractive value and the risk to reward ratio is ripe here.
Shares of Phillips 66 are down more than 20% from their highs in early June. Tatro’s outlook matches Dan Genter’s, who also sees Phillips 66 as the “way to play on the energy side”.
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