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Phillips 66 : contributes $750,000 to Hurricane Laura relief

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09/16/2020 | 07:45am EDT
Phillips 66 contributes $750,000 to Hurricane Laura relief

By Allison Stowe
Phillips 66 Corporate Communications

Phillips 66, which quickly marshaled its logistics capabilities to get help to its employees affected by Hurricane Laura, is also contributing $750,000 to the American Red Cross to support the relief efforts in its communities.

The hurricane, one of the strongest on record to hit the U.S., made landfall on Aug. 27 and left life-altering devastation throughout Southwest Louisiana and Southeast Texas. Phillips 66 has nearly 1,000 employees who work at its numerous assets in the area, including the Lake Charles Manufacturing Complex, the Gulf Coast Lubricants Plant, and pipelines and terminals, including Clifton Ridge, Westlake and Pecan Grove.

'Our thoughts and prayers go out to all those affected by the disaster, including our many employees, friends and neighbors across Southwest Louisiana and Southeast Texas,' said Phillips 66 Chairman and CEO Greg Garland. 'The impact from Hurricane Laura reaffirms the importance of Phillips 66's continued support for the American Red Cross. We believe this gift will enable the organization to use its broad and specialized resource network to support recovery efforts and help those most in need.'

Phillips 66 committed a total of $1 million in August in support of disaster relief to areas where its employees live and work. In addition to the $750,000 donation for Hurricane Laura relief efforts, it gave $200,000 to help support communities in California affected by wildfires and $50,000 to help support relief efforts in South Texas after Hurricane Hanna.

'We are incredibly honored to receive this generous donation from Phillips 66,' Henry Van de Putte, Regional Chief Executive, American Red Cross of the Texas Gulf Coast, said of the Laura donation. 'Their continued dedication to the Red Cross mission allows us to offer much-needed food, shelter and comfort to those who are reeling from the impact of Hurricane Laura during a pandemic.'

All of Phillips 66's employees who work in the impacted areas are safe and accounted for, though many have reported damage to their homes and property.

We have weathered a number of storms over the years, and our ability to respond at times like these sets us apart.

Greg Garland Phillips 66 Chairman and CEO

Phillips 66 quickly mobilized its Emergency Operations Center, which was able to secure hard-to-find items - generators and accompanying safety packages, including carbon monoxide detectors, as well as portable A/C units - and loan them to employees soon after the hurricane hit. This is in addition to providing essential items like water, ice, fuel and roof-repair supplies, and finding hotel rooms for those who are displaced.

The company is also offering employees financial assistance in the form of emergency cash and hardship loans to assist with immediate needs, as well as inspection and insurance claims assistance. And it will pay for small-branch removal and tarping for employees with minor roof damage.

'We have weathered a number of storms over the years, and our ability to respond at times like these sets us apart,' Garland said. 'The people of Phillips 66 always rise to the occasion and demonstrate an unyielding commitment to supporting their peers, our communities and our assets.'


Phillips 66 Company published this content on 01 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2020 10:44:03 UTC

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Financials (USD)
Sales 2020 68 724 M - -
Net income 2020 -2 838 M - -
Net Debt 2020 14 524 M - -
P/E ratio 2020 -6,67x
Yield 2020 8,17%
Capitalization 19 311 M 19 311 M -
EV / Sales 2020 0,49x
EV / Sales 2021 0,38x
Nbr of Employees 14 500
Free-Float 67,1%
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Average target price 73,45 $
Last Close Price 44,22 $
Spread / Highest target 101%
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Greg C. Garland Chairman & Chief Executive Officer
Kevin J. Mitchell Chief Financial Officer & Executive VP-Finance
Victoria J. Tschinkel Independent Director
Harold W. McGraw Independent Director
Glenn Fletcher Tilton Lead Independent Director
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