In releasing its annual Sustainability Report, Phillips 66 has included a section on climate change. The company included it along with Environmental Stewardship, Social Responsibility, Operating Excellence and Financial Performance.
Phillips 66 has published its 2020 Sustainability Report titled “Greater Good,” making it digitally available to employees, communities and investors at www.phillips66.com/Sustainability.
This year’s report builds on the company’s previous disclosures, proactively sharing Phillips 66’s 2019 performance across its four sustainability focus areas of operating excellence, environmental stewardship, social responsibility and financial performance.
“The employees of Phillips 66 work hard to provide energy and improve lives,” said Greg Garland, Phillips 66 Chairman and Chief Executive Officer. “We manufacture, transport and sell products that help meet the world’s growing need for energy, and do so in a safe and environmentally responsible manner. Our 2020 Sustainability Report is a chronicle of our recent achievements and opportunities and demonstrates our values of safety, honor and commitment. These values guide all that we do, including our approach to sustainability, as we strive for continued improvement and transparency while positioning Phillips 66 to deliver long-term value for all of our stakeholders.”
The report now includes a chapter on climate change and a Task Force for Climate-related Financial Disclosures (TCFD) analysis. “Greater Good” uses the Sustainability Accounting Standards Board (SASB) issue categories for the midstream and refining and marketing industries and adds a SASB content index for easy reference. Also new this year are expanded metrics and stories that show how Phillips 66 employees work for the greater good. Across Phillips 66’s sustainability focus areas, the report includes:
- Operating Excellence: Phillips 66 consistently achieves industry leading safety performance. The American Fuel and Petrochemical Manufacturers Association recently awarded five of its nine total Distinguished Safety Awards to Phillips 66 operated refineries for 2019 performance.
- Environmental Stewardship: “Greater Good” features expanded data reporting from prior reports, including additional water and energy usage metrics and expanded coverage of our biodiversity and conservation programs.
- Social Responsibility: Phillips 66 was recognized by Forbes as one of “America’s Best Employers” in 2019. Almost half of our employees have been with the company since its start, and approximately 30% have more than 15 years industry experience. Additionally, included case studies highlight our external relationships and engagement.
- Financial Performance: Phillips 66 delivered earnings of $3.1 billion in 2019 and returned $3.2 billion to shareholders through dividends and share repurchases.
Source: Business Wire