June 11, 2020
Phillips 66 published its 2020 sustainability report this month, a timely look at its progress in positioning the company for the long term.
Sustainability efforts at Phillips 66 are organized around four areas — operating excellence, environmental stewardship, social responsibility and financial performance. Phillips 66 Chairman and CEO Greg Garland said recent global events have made it even more evident how critical these efforts are.
"We have always known that our products are essential to global stability and that our people provide services that need to be done reliably and safely," he said in an email to employees about the report. "But the challenging start to 2020 — with COVID-19, geopolitical turmoil in global energy markets, and an oversupply of crude oil — made the importance of sustainability even clearer."
The 2020 sustainability report reflects 2019 performance. It describes the many policies, programs and practices and includes scores of case studies and facts that show how Phillips 66 operates safely and reliably.
Phillips 66 dedicates time and resources to sustainability reporting because the company knows stakeholders want a consistent and transparent view of the business.
In that spirit, Phillips 66 for the first time included in the report a section with a Task Force on Climate-related Financial Disclosures (TCFD) analysis, which describes the company’s climate risk identification, management and scenario planning.
Phillips 66 also expanded environmental, social and governance (ESG) metrics and included an index for Sustainability Accounting Standards Board (SASB) content.
The report includes examples from across the entire enterprise that bind together to tell the company’s sustainability story — a story that Phillips 66 Manager of ESG & Sustainability Maria Dunn says isn’t just about one thing.
Readers will find a story on the longstanding relationship between the Ferndale Refinery in Washington and the neighboring Lummi Nation, for instance, and a story about Phillips 66 becoming an official sponsor of the Houston Pride Parade in Texas for the first time last year, and others about the digital transformation and green hydrogen.
“Sustainability is more than a word or a metric,” Dunn said. “Sustainability is active management of complex operations and investment in people and assets to make Phillips 66 a viable company for the long term.”
The report can be found at phillips66.com/sustainability.