Phillips 66 Modernizes Data Protection Operations

Phillips 66 PSX has taken a significant step in modernizing its data protection operations by selecting Cohesity, a leader in AI-powered data security and management.

Before implementing Cohesity's innovative solutions, Phillips 66's data protection strategy relied on five disparate and siloed tools. This fragmented approach required backup teams to spend considerable time managing these tools, leading to inefficiencies, decreased productivity and escalating cloud costs.

After a thorough competitive evaluation, Phillips 66 selected Cohesity DataProtect to consolidate its data protection efforts into a single, unified platform. This strategic decision aimed to reduce management overhead, secure critical assets and lower cloud service expenses. By transitioning to Cohesity's platform, Phillips 66 anticipates significant reductions in the time spent managing multiple tools, enabling its backup team to concentrate on other value-adding business activities.

In addition to operational efficiencies, Cohesity has significantly strengthened Phillips 66's data security protocols. Leveraging powerful AI capabilities and advanced encryption methods, Cohesity ensures the protection of sensitive data from potential threats, both internal and external. This comprehensive security framework ensures that Phillips 66's valuable data is protected against unauthorized access.

PSX's decision to modernize its data protection operations with Cohesity will drive substantial cost savings over three years. Eliminating redundant tools and consolidating data protection processes into a single platform reduce cloud service costs and free up resources previously allocated to managing multiple tools.

This collaboration comes at a crucial time when businesses seek ways to optimize their data protection operations in a rapidly evolving digital landscape. With cyber threats on the rise, organizations must adopt advanced solutions that seamlessly integrate with their existing IT infrastructure while providing robust data security.

The collaboration marks a critical move for Phillips 66, aiming to enhance data security, streamline management processes and achieve substantial cost savings. The success of PSX in modernizing its data protection operations underscores Cohesity's expertise in the field.

Zacks Rank & Stocks to Consider

Currently, Phillips 66 carries a Zack Rank #5 (Strong Sell).

Investors interested in the energy sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy).

SM Energy Company SM is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company's attractive oil and gas investments should create long-term shareholder value.

The Zacks Consensus Estimate for SM's 2024 and 2025 earnings per unit is pegged at $7.30 and $8.89, respectively. The company has a Zacks Style Score of A for Value, Growth and Momentum. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.

Sunoco LP SUN is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes more than 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value and Growth Score of A.

The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.26, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

GeoPark Ltd. GPRK, based in Hamilton, Bermuda, is an explorer, operator and consolidator in the oil and gas sector. The company primarily operates in Chile, Colombia, Brazil and Argentina. It has a Zacks Style Score of A for Value and Growth.

The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $3.23 and $3.98, respectively. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

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