Phillips 66 (PSX) ( (PSX) ) has released its Q2 earnings. Here is a breakdown of the information Phillips 66 (PSX) presented to its investors.
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Phillips 66 is a leading integrated downstream energy company that manufactures, transports, and markets products across various sectors including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Headquartered in Houston, it is committed to providing energy solutions while pursuing a lower-carbon future.
In its latest earnings report, Phillips 66 announced second-quarter earnings of $877 million, or $2.15 per share, with adjusted earnings of $973 million, or $2.38 per share. The company highlighted strong operational performance, particularly in its Refining segment, which operated at 98% capacity utilization and achieved a record clean product yield.
Key financial metrics for the quarter included a net operating cash flow of $845 million and $1.9 billion excluding working capital. The company returned $906 million to shareholders through dividends and share repurchases. Strategic moves included the acquisition of Coastal Bend, enhancing its Midstream segment, and the sale of a 65% interest in its Germany and Austria retail marketing business.
The Refining segment saw improved margins and lower costs, while the Midstream segment benefited from increased volumes due to the Coastal Bend acquisition. Despite a decrease in the Chemicals segment’s income due to lower margins, the Marketing and Specialties segment experienced higher margins and volumes, contributing positively to the overall results.
Looking ahead, Phillips 66 remains focused on organic growth in its Midstream operations and aims to meet its 2027 targets. The company is advancing its wellhead-to-market strategy and plans to complete significant transactions by year-end, including ceasing operations at the Los Angeles Refinery.