Third-Quarter Results
- Reported third-quarter earnings of $2.1 billion or $4.69 per
share; adjusted earnings of $2.1 billion or $4.63 per share
- Generated $2.7 billion of operating cash flow, $2.4 billion
excluding working capital
- Returned $1.2 billion to shareholders through dividends and
share repurchases
- Continued strong Refining operations with crude utilization
rate of 95%, highest since 2019
Strategic Priorities Update
- Raise shareholder distributions target to a range of $13
billion to $15 billion, supported by $5 billion increase in share
repurchase authorization
- Monetize over $3 billion of non-core assets
- Return at least 50% of operating cash flow to shareholders
- Increase business transformation run-rate target to $1.4
billion by year-end 2024, with over 50% from Refining
- Further improve market capture and integrated value by
increasing commercial supply and trading contributions
- Raise mid-cycle adjusted EBITDA growth target to $4 billion by
2025
Phillips 66 (NYSE: PSX), a diversified energy company, announces
third-quarter results and updates to the strategic priorities first
presented at its November 2022 Investor Day.
“Phillips 66’s focus on strong operating performance and
execution on our strategic priorities, coupled with favorable
market conditions, enabled us to achieve significant improvement in
earnings and cash generation,” said Mark Lashier, Phillips 66
president and CEO. “Today we are raising the bar by putting forth
enhanced, ambitious and achievable plans that will reward
shareholders now and well into the future.”
Strategic Priorities Update
Phillips 66 is on track to exceed its original strategic
priority targets. The company is successfully executing operational
enhancements in Refining and delivering business transformation
cost reductions. In Midstream, the implementation of the company’s
NGL wellhead-to-market strategy has exceeded expectations and
enabled an increase to the synergy target. Given the company’s
substantial progress on these strategic priorities, combined with
plans to increase commercial contributions, Phillips 66 is
increasing its mid-cycle adjusted EBITDA growth target from $3
billion to $4 billion by 2025.
Phillips 66 returned $6.7 billion through share repurchases and
dividends since July 2022 and is on pace to exceed the original $10
billion to $12 billion target. The company is now increasing this
target to a range of $13 billion to $15 billion and plans to return
at least 50% of operating cash flow to shareholders. The Board of
Directors of Phillips 66 approved an additional $5 billion in share
repurchase authorization. This is in addition to its previous
authorization, which had approximately $3.1 billion remaining as of
September 30. Since 2012, the Board has authorized share
repurchases totaling $25 billion.
Phillips 66’s business transformation will deliver over $1
billion in run-rate cost and capital reductions by the end of 2023.
The company is now targeting a $1.4 billion run-rate by the end of
2024.
The company also plans to monetize non-core assets that are
expected to generate over $3 billion in proceeds that will be
deployed to further strategic priorities, including returns to
shareholders. In August, Phillips 66 sold its 25% interest in South
Texas Gateway Terminal for $275 million. The company’s total
proceeds from asset dispositions were $370 million through the
third quarter of 2023.
Third-Quarter Results
For the third quarter 2023, Phillips 66 announces earnings of
$2.1 billion compared with earnings of $1.7 billion in the second
quarter. Excluding special items of $27 million, the company had
adjusted earnings of $2.1 billion in the third quarter, compared
with second-quarter adjusted earnings of $1.8 billion.
Midstream
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2023
Q2 2023
Q3 2023
Q2 2023
Transportation
$ 386
284
285
284
NGL and Other
335
335
293
357
NOVONIX
(9)
(15)
(9)
(15)
Midstream
$ 712
604
569
626
Midstream third-quarter 2023 pre-tax income was $712 million,
compared with $604 million in the second quarter of 2023. Results
in the third quarter included a gain of $101 million on the sale of
an investment and a gain of $46 million from a change in inventory
method for an acquired business, partially offset by $4 million of
integration-related restructuring costs. Results in the second
quarter included $22 million of integration-related restructuring
costs.
Transportation third-quarter adjusted pre-tax income was $285
million, in line with adjusted pre-tax income of $284 million in
the second quarter.
NGL and Other adjusted pre-tax income was $293 million in the
third quarter, compared with adjusted pre-tax income of $357
million in the second quarter. This decrease was mainly due to
timing of cargo freight costs, as well as higher employee,
integration and utility costs, partially offset by increased
margins from improved commodity prices.
In the third quarter, the fair value of the company’s investment
in NOVONIX, Ltd. decreased by $9 million compared with a $15
million decrease in the second quarter.
Chemicals
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2023
Q2 2023
Q3 2023
Q2 2023
Chemicals
$ 104
192
104
192
The Chemicals segment reflects Phillips 66’s equity investment
in Chevron Phillips Chemical Company LLC (CPChem). Chemicals
third-quarter 2023 reported and adjusted pre-tax income was $104
million, compared with $192 million in the second quarter of 2023.
This decrease was mainly due to lower margins, partially offset by
higher volumes. Global olefins and polyolefins utilization was 99%
for the quarter.
Refining
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2023
Q2 2023
Q3 2023
Q2 2023
Refining
$ 1,710
1,134
1,740
1,148
Refining third-quarter 2023 reported and adjusted pre-tax income
was $1.7 billion, compared with pre-tax income of $1.1 billion in
the second quarter of 2023. Results in the third quarter included a
$30 million legal accrual. Results in the second quarter included a
$14 million loss related to a sale of assets.
The increase was primarily due to higher realized margins
supported by strong utilization. Realized margins increased from
$15.32 per barrel in the second quarter to $18.96 per barrel in the
third quarter, driven by higher market crack spreads, partially
offset by inventory hedge impacts, lower secondary product margins
and lower Gulf Coast clean product realizations. The composite RIN
adjusted market crack spread increased from $20.96 per barrel in
the second quarter to $28.64 per barrel in the third quarter.
Refining pre-tax turnaround costs for the third quarter were
$111 million. In addition, there were $37 million of turnaround
costs related to the Rodeo renewables facility. Crude utilization
rate was 95% and clean product yield was 85%.
Marketing and Specialties
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2023
Q2 2023
Q3 2023
Q2 2023
Marketing and Specialties
$ 633
644
633
644
Marketing and Specialties third-quarter 2023 reported and
adjusted pre-tax income was $633 million, compared with $644
million in the second quarter of 2023.
Corporate and Other
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q3 2023
Q2 2023
Q3 2023
Q2 2023
Corporate and Other
$ (346)
(330)
(295)
(236)
Corporate and Other third-quarter 2023 pre-tax costs were $346
million, compared with pre-tax costs of $330 million in the second
quarter of 2023. Results in the third and second quarter included
business transformation-related restructuring costs of $51 million
and $41 million, respectively. The second quarter also included a
loss on early redemption of debt of $53 million. Adjusted pre-tax
costs were $295 million in the third quarter. The increase in the
third quarter was mainly due to higher net interest and
employee-related expenses.
Financial Position, Liquidity and Return of Capital
Phillips 66 generated $2.7 billion in cash from operations in
the third quarter of 2023. Cash from operations includes pension
plan contributions of $358 million. Excluding working capital
impacts, operating cash flow was $2.4 billion.
During the third quarter, Phillips 66 funded $855 million of
capital expenditures and investments, $752 million of share
repurchases and $465 million in dividends. Also in the quarter, the
company received proceeds of $280 million from asset dispositions.
The company ended the quarter with 440 million shares
outstanding.
As of September 30, 2023, the company had $3.5 billion of cash
and cash equivalents and $6.3 billion of committed capacity
available under credit facilities. The company’s consolidated
debt-to-capital ratio was 38% and its net debt-to-capital ratio was
33%.
Business Update
In Midstream, the company remains focused on capturing over $400
million of commercial and operating synergies across its
wellhead-to-market value chain by 2025. The run-rate synergy
capture at the end of the third quarter was approximately $250
million.
In Chemicals, CPChem recently completed construction and began
operations of a 586 million pounds per year 1-hexene unit in Old
Ocean, Texas. CPChem expects to start up its 1 billion pounds per
year propylene splitter project at its Cedar Bayou facility in the
fourth quarter.
CPChem continues to pursue a portfolio of high-return growth
projects. CPChem and QatarEnergy are building joint-venture
petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan,
Qatar. On the U.S. Gulf Coast, the Golden Triangle Polymers (GTP)
facility will include a 4.6 billion pounds per year ethane cracker
and two high-density polyethylene units with a combined capacity of
4.4 billion pounds per year. CPChem owns a 51% equity share in the
joint venture, which has secured project financing. The GTP
facility is expected to begin operations in 2026.
The Ras Laffan Petrochemical (RLP) facility will include a 4.6
billion pounds per year ethane cracker and two high-density
polyethylene units with a total capacity of 3.7 billion pounds per
year. The joint venture, owned 30% by CPChem, secured project
financing in October. The RLP facility is expected to start up in
late 2026.
In Refining, the company continues to advance high-return,
low-capital projects to improve asset reliability and market
capture. The company is implementing 10 to 15 projects a year to
improve market capture by 1% to 2% per year. In 2022, the company
completed projects that added 2% to market capture based on
mid-cycle pricing and is on track to increase market capture by
1.3% in 2023.
Phillips 66 is converting its San Francisco Refinery in Rodeo,
California, into one of the world’s largest renewable fuels
facilities. Construction continues on the Rodeo Renewed refinery
conversion project that is expected to begin operations in the
first quarter of 2024. The total project will cost approximately
$1.25 billion. The conversion will reduce emissions from the
facility and produce lower carbon-intensity transportation fuels.
Upon completion, the facility will have over 50,000 BPD (800
million gallons per year) of renewable fuel production
capacity.
The company recently acquired a marketing business on the U.S.
West Coast to optimize the placement of renewable diesel that will
be produced at the Rodeo facility.
Investor Webcast
Later today, members of Phillips 66 executive management will
host a webcast at noon EDT to provide an update on the company’s
strategic initiatives and discuss the company’s third-quarter
performance. To access the webcast and view related presentation
materials, go to phillips66.com/investors and click on “Events
& Presentations.” For detailed supplemental information, go to
phillips66.com/supplemental.
Earnings
Millions of Dollars
2023
2022*
Q3
Q2
Sep YTD
Q3
Sep YTD
Midstream
$ 712
604
2,018
3,608
4,078
Chemicals
104
192
494
135
804
Refining
1,710
1,134
4,452
2,907
6,176
Marketing and Specialties
633
644
1,703
828
1,863
Corporate and Other
(346)
(330)
(959)
(320)
(829)
Pre-Tax Income
2,813
2,244
7,708
7,158
12,092
Less: Income tax expense
670
510
1,754
1,618
2,713
Less: Noncontrolling interests
46
37
199
149
239
Phillips 66
$ 2,097
1,697
5,755
5,391
9,140
Adjusted
Earnings
Millions of Dollars
2023
2022*
Q3
Q2
Sep YTD
Q3
Sep YTD
Midstream
$ 569
626
1,873
608
1,078
Chemicals
104
192
494
135
804
Refining
1,740
1,148
4,496
2,883
6,265
Marketing and Specialties
633
644
1,703
828
1,863
Corporate and Other
(295)
(236)
(779)
(246)
(730)
Pre-Tax Income
2,751
2,374
7,787
4,208
9,280
Less: Income tax expense
660
532
1,768
937
2,039
Less: Noncontrolling interests
21
76
218
149
239
Phillips 66
$ 2,070
1,766
5,801
3,122
7,002
*Earnings and adjusted earnings for the
third quarter of 2022 and the nine-month period ended September
30,2022, have been recast to reflect a change in the composition of
the company's segments made in the fourth quarter of 2022. See the
Basis of Presentation section below for further information.
About Phillips 66
Phillips 66 (NYSE: PSX) manufactures, transports and markets
products that drive the global economy. The diversified energy
company’s portfolio includes Midstream, Chemicals, Refining, and
Marketing and Specialties businesses. Headquartered in Houston,
Phillips 66 has employees around the globe who are committed to
safely and reliably providing energy and improving lives while
pursuing a lower-carbon future. For more information, visit
phillips66.com or follow @Phillips66Co on LinkedIn.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements within the
meaning of the federal securities laws. Words such as
“anticipated,” “estimated,” “expected,” “planned,” “scheduled,”
“targeted,” “believe,” “continue,” “intend,” “will,” “would,”
“objective,” “goal,” “project,” “efforts,” “strategies” and similar
expressions that convey the prospective nature of events or
outcomes generally indicate forward-looking statements. However,
the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements included in this news
release are based on management’s expectations, estimates and
projections as of the date they are made. These statements are not
guarantees of future performance and you should not unduly rely on
them as they involve certain risks, uncertainties and assumptions
that are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecast in
such forward-looking statements. Factors that could cause actual
results or events to differ materially from those described in the
forward-looking statements include: fluctuations in NGL, crude oil,
refined petroleum product and natural gas prices, and refining,
marketing and petrochemical margins; changes in governmental
policies or laws that relate to NGL, crude oil, natural gas,
refined petroleum products, or renewable fuels that regulate
profits, pricing, or taxation, or other regulations that limit or
restrict refining, marketing and midstream operations or restrict
exports; the effects of any widespread public health crisis and its
negative impact on commercial activity and demand for refined
petroleum products; our ability to timely obtain or maintain
permits necessary for capital projects; changes to worldwide
government policies relating to renewable fuels and greenhouse gas
emissions that adversely affect programs including the renewable
fuel standards program, low carbon fuel standards and tax credits
for biofuels; our ability to achieve the expected benefits of the
integration of DCP Midstream, LP (DCP), including the realization
of synergies; the success of the company’s business transformation
initiatives and the realization of savings and cost reductions from
actions taken in connection therewith; unexpected changes in costs
for constructing, modifying or operating our facilities; our
ability to successfully complete, or any material delay in the
completion of, asset dispositions or acquisitions that we may
pursue; unexpected difficulties in manufacturing, refining or
transporting our products; the level and success of drilling and
production volumes around our midstream assets; risks and
uncertainties with respect to the actions of actual or potential
competitive suppliers and transporters of refined petroleum
products, renewable fuels or specialty products; lack of, or
disruptions in, adequate and reliable transportation for our NGL,
crude oil, natural gas, and refined products; potential liability
from litigation or for remedial actions, including removal and
reclamation obligations under environmental regulations; failure to
complete construction of capital projects on time and within
budget; our ability to comply with governmental regulations or make
capital expenditures to maintain compliance with laws; limited
access to capital or significantly higher cost of capital related
to illiquidity or uncertainty in the domestic or international
financial markets, which may also impact our ability to repurchase
shares and declare and pay dividends; potential disruption of our
operations due to accidents, weather events, including as a result
of climate change, acts of terrorism or cyberattacks; general
domestic and international economic and political developments
including armed hostilities (including the Russia-Ukraine war),
expropriation of assets, and other political, economic or
diplomatic developments; international monetary conditions and
exchange controls; changes in estimates or projections used to
assess fair value of intangible assets, goodwill and property and
equipment and/or strategic decisions with respect to our asset
portfolio that cause impairment charges; investments required, or
reduced demand for products, as a result of environmental rules and
regulations; changes in tax, environmental and other laws and
regulations (including alternative energy mandates); political and
societal concerns about climate change that could result in changes
to our business or increase expenditures, including
litigation-related expenses; the operation, financing and
distribution decisions of equity affiliates we do not control; and
other economic, business, competitive and/or regulatory factors
affecting Phillips 66’s businesses generally as set forth in our
filings with the Securities and Exchange Commission. Phillips 66 is
under no obligation (and expressly disclaims any such obligation)
to update or alter its forward-looking statements, whether as a
result of new information, future events or otherwise.
Use of Non-GAAP Financial Information—This news release
includes the terms “adjusted earnings,” “adjusted pre-tax income
(loss),” “adjusted pre-tax costs,” “adjusted earnings per share,”
“realized refining margin per barrel,” and “net debt-to-capital
ratio.” These are non-GAAP financial measures that are included to
help facilitate comparisons of operating performance across periods
and to help facilitate comparisons with other companies in our
industry. Where applicable, these measures exclude items that do
not reflect the core operating results of our businesses in the
current period or other adjustments to reflect how management
analyzes results. Reconciliations of these non-GAAP financial
measures to the most comparable GAAP financial measure are included
within this release. References in the release to earnings refer to
net income attributable to Phillips 66. References in the release
to shareholder distributions refers to the sum of dividends paid to
Phillips 66 stockholders and proceeds used by Phillips 66 to
repurchase shares of its common stock.
This news release also includes the terms “adjusted EBITDA,” and
“mid-cycle adjusted EBITDA,” which are non-GAAP financial measures.
Adjusted EBITDA and mid-cycle adjusted EBITDA, as used in this
release, are forward-looking non-GAAP financial measures. EBITDA is
defined as estimated net income plus estimated net interest
expense, income taxes, depreciation and amortization. Adjusted
EBITDA is defined as estimated EBITDA plus the proportional share
of selected equity affiliates’ estimated net interest expense,
income taxes, depreciation and amortization less the portion of
estimated adjusted EBITDA attributable to noncontrolling interests.
Net income is the most directly comparable GAAP financial measure
for the consolidated company and income before income taxes is the
most directly comparable GAAP financial measure for operating
segments. Mid-cycle adjusted EBITDA is defined as the average
adjusted EBITDA generated over a complete economic cycle. Adjusted
EBITDA and mid-cycle adjusted EBITDA estimates depend on future
levels of revenues and expenses, including amounts that will be
attributable to noncontrolling interests, which are not reasonably
estimable at this time. Accordingly, we cannot provide a
reconciliation between projected adjusted EBITDA and mid-cycle
adjusted EBITDA to consolidated net income or segment income before
income taxes without unreasonable effort.
Basis of Presentation— During the fourth quarter of 2022,
we changed the internal financial information reviewed by our chief
executive officer to evaluate results and allocate resources to
reflect the realignment of certain businesses between segments and
business lines. We determined this realignment resulted in a change
in the composition of our operating segments. Accordingly, results
in the third quarter of 2022 and the nine-month period ended
September 30, 2022, have been recast for comparability. The primary
effects of this realignment included moving the results of certain
processing assets at our Sweeny and Lake Charles refineries from
the Midstream segment (NGL and Other) to the Refining segment.
Additionally, commissions charged to the Refining segment by the
Marketing and Specialties segment related to sales of specialty
products were eliminated and the costs of the sales organization
were reclassified from the Marketing and Specialties segment to the
Refining segment. Additionally, we no longer present disaggregated
business line results for our Chemicals and Marketing and
Specialties segments.
Millions of Dollars
Except as Indicated
2023
2022*
Q3
Q2
Sep YTD
Q3
Sep YTD
Reconciliation of Consolidated Earnings
to Adjusted Earnings
Consolidated Earnings
$ 2,097
1,697
5,755
5,391
9,140
Pre-tax adjustments:
Hurricane-related costs
—
—
—
(24)
(7)
Net (gain)/loss on asset disposition
(101)
14
(123)
—
—
Alliance shutdown-related costs1
—
—
—
—
26
Regulatory compliance costs
—
—
—
—
70
Legal accrual
30
—
30
—
—
Business transformation restructuring
costs2
51
41
127
74
99
Loss on early redemption of DCP debt
—
53
53
—
—
Merger transaction costs
—
—
—
13
13
Gain on consolidation
—
—
—
(3,013)
(3,013)
Change in inventory method for acquired
business
(46)
—
(46)
—
—
DCP integration restructuring costs3
4
22
38
—
—
Tax impact of adjustments4
10
(22)
(14)
681
649
Other tax impacts
—
—
—
—
25
Noncontrolling interests
25
(39)
(19)
—
—
Adjusted earnings
$ 2,070
1,766
5,801
3,122
7,002
Earnings per share of common stock
(dollars)
$ 4.69
3.72
12.59
11.16
19.31
Adjusted earnings per share of common
stock (dollars)5
$ 4.63
3.87
12.69
6.46
14.79
Reconciliation of Segment Pre-Tax
Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income
$ 712
604
2,018
3,608
4,078
Pre-tax adjustments:
Net gain on asset disposition
(101)
—
(137)
—
—
Merger transaction costs
—
—
—
13
13
Gain on consolidation
—
—
—
(3,013)
(3,013)
Change in inventory method for acquired
business
(46)
—
(46)
—
—
DCP integration restructuring costs3
4
22
38
—
—
Adjusted pre-tax income
$ 569
626
1,873
608
1,078
Chemicals Pre-Tax Income
$ 104
192
494
135
804
Pre-tax adjustments:
None
—
—
—
—
—
Adjusted pre-tax income
$ 104
192
494
135
804
Refining Pre-Tax Income
$ 1,710
1,134
4,452
2,907
6,176
Pre-tax adjustments:
Hurricane-related costs
—
—
—
(24)
(7)
Net loss on asset disposition
—
14
14
—
—
Alliance shutdown-related costs1
—
—
—
—
26
Regulatory compliance costs
—
—
—
—
70
Legal accrual
30
—
30
—
—
Adjusted pre-tax income
$ 1,740
1,148
4,496
2,883
6,265
Marketing and Specialties Pre-Tax
Income
$ 633
644
1,703
828
1,863
None
—
—
—
—
—
Adjusted pre-tax income
$ 633
644
1,703
828
1,863
Corporate and Other Pre-Tax
Loss
$ (346)
(330)
(959)
(320)
(829)
Pre-tax adjustments:
Business transformation restructuring
costs2
51
41
127
74
99
Loss on early redemption of DCP debt
—
53
53
—
—
Adjusted pre-tax loss
$ (295)
(236)
(779)
(246)
(730)
*Earnings and adjusted earnings for the
third quarter of 2022 and the nine-month period ended September
30,2022, have been recast to reflect a change in the composition of
the company's segments made in the fourth quarter of 2022. See the
Basis of Presentation section above for further information.
1Costs related to the shutdown of the
Alliance Refinery totaled $26 million pre-tax in the second quarter
of 2022. Shutdown-related costs recorded in the Refining segment
include pre-tax charges for the disposal of materials and supplies
of $20 million, and asset retirements of $6 million recorded in
depreciation and amortization expense.
2Restructuring costs, related to Phillips
66’s multi-year business transformation efforts, are primarily due
to consulting fees and severance costs.
3Restructuring costs, related to the
integration of DCP Midstream, primarily reflect severance costs and
consulting fees. A portion of these costs are attributable to
noncontrolling interests.
4We generally tax effect taxable
U.S.-based special items using a combined federal and state
statutory income tax rate of approximately 24%. Taxable special
items attributable to foreign locations likewise use a local
statutory income tax rate. Nontaxable events reflect zero income
tax. These events include, but are not limited to, most goodwill
impairments, transactions legislatively exempt from income tax,
transactions related to entities for which we have made an
assertion that the undistributed earnings are permanently
reinvested, or transactions occurring in jurisdictions with a
valuation allowance.
5Q3 2023 and Q2 2023 are based on adjusted
weighted-average diluted shares of 447,255 thousand and 456,173
thousand, respectively. Q3 2022 is based on 483,035 thousand. Other
periods are based on the same weighted-average diluted shares
outstanding as that used in the GAAP diluted earnings per share
calculation. Income allocated to participating securities, if
applicable, in the adjusted earnings per share calculation is the
same as that used in the GAAP diluted earnings per share
calculation.
Millions of Dollars
Except as Indicated
September 30, 2023
Debt-to-Capital Ratio
Total Debt
$ 19,444
Total Equity
31,989
Debt-to-Capital Ratio
38 %
Total Cash
3,539
Net Debt-to-Capital Ratio
33 %
Millions of Dollars
Except as Indicated
2023
Q3
Q2
Realized Refining Margins
Income before income taxes
$ 1,710
1,134
Plus:
Taxes other than income taxes
93
99
Depreciation, amortization and
impairments
211
209
Selling, general and administrative
expenses
39
37
Operating expenses
1,142
941
Equity in earnings of affiliates
(208)
(117)
Other segment (income) expense, net
(10)
15
Proportional share of refining gross
margins contributed by equity affiliates
416
335
Special items:
None
—
—
Realized refining margins
$ 3,393
2,653
Total processed inputs (thousands of
barrels)
156,300
153,663
Adjusted total processed inputs (thousands
of barrels)*
178,929
173,134
Income before income taxes (dollars per
barrel)**
$ 10.94
7.38
Realized refining margins (dollars per
barrel)***
$ 18.96
15.32
*Adjusted total processed inputs include
our proportional share of processed inputs of an equity
affiliate.
**Income before income taxes divided by
total processed inputs.
***Realized refining margins per barrel,
as presented, are calculated using the underlying realized refining
margin amounts, in dollars, divided by adjusted total processed
inputs, in barrels. As such, recalculated per barrel amounts using
the rounded margins and barrels presented may differ from the
presented per barrel amounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026210612/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Owen Simpson (investors) 832-765-2297 owen.simpson@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
Phillips 66 (NYSE:PSX)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Phillips 66 (NYSE:PSX)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024