8-KRegulation FD

Phillips 66 8-K Report, Regulation FD Disclosure (Nov 12, 2020)

Filed November 12, 2020For Securities:PSX

Summary

Phillips 66 (PSX) filed an 8-K on November 11, 2020, to disclose its response to a shareholder proposal that received majority support at its 2020 Annual Meeting. The proposal requested a report on the risks of petrochemical investments in the U.S. Gulf Coast. The company has addressed this by providing links to enhanced sustainability reporting, including a chapter on climate change and a TCFD analysis in its own 2020 sustainability report, "Greater Good." Additionally, their joint venture, Chevron Phillips Chemical Company (CPChem), which operates the relevant petrochemical assets, has published a separate report titled "Managing Climate Change Risks" to supplement its own sustainability disclosures. Phillips 66 emphasizes its commitment to investor responsiveness and ongoing engagement on ESG matters.

Key Highlights

  • 1Phillips 66 is responding to a shareholder proposal that garnered majority support concerning petrochemical investment risks.
  • 2The company has enhanced its 2020 sustainability report, "Greater Good," to include a climate change chapter and TCFD analysis.
  • 3Chevron Phillips Chemical Company (CPChem), a 50% joint venture, has published a supplemental report titled "Managing Climate Change Risks."
  • 4These reports are aimed at providing investors with more accessible information on climate change and petrochemical investment risks.
  • 5Phillips 66 highlights its ongoing engagement with shareholders on ESG issues.
  • 6Links to CPChem's and DCP Midstream's disclosures are provided within Phillips 66's sustainability report for investor convenience.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about Phillips 66's actions taken in response to a shareholder proposal that requested a report on the risks associated with petrochemical investments in the U.S. Gulf Coast. The filing directs investors to updated sustainability reports and a new risk management report from its joint venture, CPChem.

Phillips 66 has addressed the proposal by enhancing its own sustainability reporting to include a dedicated chapter on climate change and a TCFD analysis. Furthermore, it has facilitated the publication of a supplemental report by its joint venture, CPChem, specifically titled "Managing Climate Change Risks," which expands on the subject matter.

Investors can find more detailed information by accessing Phillips 66's 2020 sustainability report, "Greater Good," which includes a TCFD analysis, and the separate report from Chevron Phillips Chemical Company (CPChem) titled "Managing Climate Change Risks." Links to these reports and related disclosures from other ventures like DCP Midstream are available on the Phillips 66 website at www.phillips66.com/Sustainability and CPChem's website at www.cpchem.com/managing-climate-change-risks.

No, this 8-K filing does not contain new financial results or operational updates. It is solely for Regulation FD Disclosure purposes, informing stakeholders about the company's response to a specific shareholder proposal and providing access to related reports.