Phillips 66 (PSX) Modernizes Data Protection with Cohesity, Aiming for Cost Savings and Enhanced Security
Phillips 66, a leading energy company, has significantly enhanced its data protection capabilities by partnering with Cohesity, a renowned provider of AI-powered data security and management solutions. This strategic move signals a shift towards a more consolidated and efficient data protection strategy for the company, leaving behind a previously fragmented approach involving five disparate tools.
Key Takeaways:
- Streamlined Operations: By consolidating its data protection efforts onto Cohesity’s unified platform, Phillips 66 aims to drastically reduce the time and resources currently dedicated to managing multiple tools. This will allow the company’s backup team to focus on more strategic and value-adding initiatives.
- Enhanced Data Security: Cohesity’s advanced AI capabilities and robust encryption protocols provide Phillips 66 with an unparalleled level of data security, safeguarding sensitive information from both internal and external threats. This robust security framework forms a critical component of the company’s data protection strategy.
- Substantial Cost Savings: By eliminating redundant tools and streamlining its data protection processes, Phillips 66 expects to achieve significant cost savings over the next three years. These savings will result from reduced cloud service expenses and the re-allocation of resources previously allocated to managing multiple solutions.
A Strategic Move in a Changing Landscape
This partnership comes at a critical juncture for businesses navigating the ever-evolving digital landscape. With cyber threats becoming increasingly sophisticated, companies must prioritize robust data protection solutions that seamlessly integrate with their existing IT infrastructure. Phillips 66’s decision to partner with Cohesity demonstrates its commitment to adapting to this evolving threat landscape and securing its valuable assets.
Cohesity’s Impact on Phillips 66’s Data Protection Operations
Cohesity’s DataProtect platform offers a comprehensive suite of features designed to streamline data protection operations and bolster security. By leveraging AI-powered automation, the platform simplifies backup and recovery processes, reduces manual intervention, and improves overall efficiency. This includes:
- Simplified Management: The platform’s intuitive interface and centralized management console significantly reduce the complexity of managing data protection tasks. Backup administrators can easily monitor and manage all operations from a single window, saving time and reducing errors.
- Enhanced Disaster Recovery: Cohesity enables rapid recovery from disasters, ensuring business continuity and minimizing downtime. The platform’s integrated disaster recovery capabilities simplify the process of recovering data and applications, reducing the impact of potential disruptions.
- Improved Data Security: With robust encryption capabilities and advanced threat detection tools, Cohesity safeguards sensitive data from unauthorized access and malicious attacks. The platform provides a comprehensive security posture, ensuring data integrity and compliance with industry regulations.
The Future of Data Protection for Phillips 66
With Cohesity as a strategic partner, Phillips 66 is well-positioned to achieve its data protection goals, including:
- Enhanced Security: The company will benefit from Cohesity’s advanced security measures, ensuring that sensitive data is protected from a wide range of threats, including ransomware attacks and data breaches.
- Streamlined Operations: By eliminating siloed tools and processes, Phillips 66 will achieve operational efficiencies, freeing its IT team to focus on more strategic initiatives.
- Reduced Costs: The consolidation of data protection operations will result in reduced cloud service expenses and the optimization of resource allocation, leading to significant cost savings.
Zacks Rank & Stocks to Consider
Phillips 66 currently carries a Zacks Rank #5 (Strong Sell). However, investors interested in the energy sector might want to consider some better-ranked companies:
1. SM Energy Company (SM): This energy company is poised for growth in the coming years, with a focus on oil production, particularly in the Permian Basin and Eagle Ford regions. SM Energy’s strategic investments in oil and gas assets are expected to benefit shareholders in the long run. The company sports a Zacks Style Score of A for Value, Growth, and Momentum, with upward earnings estimate revisions for 2024 and 2025.
2. Sunoco LP (SUN): As a leading wholesale motor fuel distributor in the United States, Sunoco LP boasts a vast network spanning 40 states. Its long-term contracts with over 10,000 convenience stores ensure a steady revenue stream. Sunoco LP currently holds a Zacks Style Score of A for Value and Growth, with upward earnings estimate revisions for 2024 and 2025.
3. GeoPark Ltd. (GPRK**): Operating in key oil and gas regions of South America, including Chile, Colombia, Brazil, and Argentina, GeoPark Ltd. focuses on exploration, operation, and consolidation. The company boasts a Zacks Style Score of A for Value and Growth, with upward earnings estimate revisions for 2024 and 2025.
Conclusion
The collaboration between Phillips 66 and Cohesity represents a significant milestone in the company’s journey towards modernizing its data protection operations. By implementing Cohesity’s solutions, Phillips 66 is not only bolstering its data security posture but also streamlining its operations and maximizing cost efficiencies. This partnership highlights the increasing importance of AI-powered data security and management solutions in today’s digital landscape, offering organizations a comprehensive approach to protecting their valuable assets.
