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Phillips 66 appointed a new independent director and will name another member to the board in the coming months.

Phillips 66 has 'the right management team and Board in place to deliver long-term, sustainable value'.

Phillips 66 had a lower income of $1.697 billion for the second quarter amid weakening refining margins.

Phillips 66 launched an open season for its Blue Line System, offering shipping services for liquid products from Wichita, Kansas, to Jefferson, Missouri, and East St. Louis, Illinois.

The oil refiner's adjusted net income for the quarter was $2.07 billion, or $4.63 per share, compared to $3.12 billion in the prior-year quarter.

Phillips 66's adjusted earnings per share (EPS) for the quarter was $1.90, compared to adjusted EPS of $4.21 in the first quarter last year.

Phillips 66 is eyeing to give up assets to support its shareholder return target and other long-term priorities while focusing investment on low-cost but high-return projects.

Phillips 66 reported $1.961 billion in net income for the first quarter.

'The dividend increase reflects the confidence we have in our growing mid-cycle cash flow generation and disciplined approach to capital allocation'.

TGE is the operator of REX and will own 100% of the common equity interest in REX following the transaction.