Phillips 66

PSX

Equity

ISIN US7185461040 / Valor 18376318

New York Stock Exchange, Inc (2024-12-23)

USD 110.48+0.10%

Phillips 66
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About company

Phillips 66, established as an independent entity a decade ago, operates as a diversified energy manufacturing and logistics company with a global presence. It engages in the processing, transportation, storage, and marketing of fuels and various products. The company's portfolio includes a mix of heritage, joint venture, and acquired brands, indicating a strategy of growth through both organic development and strategic acquisitions. Over the years, Phillips 66 has embarked on significant infrastructure projects that have strengthened its position within the crude oil and natural gas liquids sectors. Financially, it has demonstrated a commitment to shareholder returns, having distributed $29 billion to its shareholders since its inception. Among its notable brands is the 76 brand, a legacy of the Union Oil Company of California, which has been a recognizable presence in the western United States since 1932. Phillips 66's operations reflect a broad engagement across the energy value chain, from upstream production to downstream distribution and marketing.

Summarized from source with an LLMView SourceSector: Energy

Third-Quarter Earnings

Phillips 66 reported earnings of $346 million for the third quarter of 2024, a significant decrease from the $1.0 billion reported in the second quarter. The third-quarter earnings were impacted by a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery, and an impairment in the Midstream segment.

Adjusted Earnings

For the third quarter of 2024, Phillips 66's adjusted earnings were $859 million, compared to $984 million in the previous quarter. The decrease in adjusted earnings was primarily due to lower realized margins in the Refining segment, despite higher margins in the Chemicals and Marketing and Specialties segments.

Cash Flow and Capital Expenditures

Phillips 66 generated $1.132 billion in cash flow from operations during the third quarter of 2024. The company also reported capital expenditures and investments totaling $358 million for the quarter, slightly down from $367 million in the second quarter.

Shareholder Returns

In the third quarter of 2024, Phillips 66 returned $1.3 billion to shareholders through dividends and share repurchases. This included $800 million in share repurchases and $477 million in dividends paid, as part of the company's ongoing commitment to returning capital to shareholders.

Strategic Initiatives

Phillips 66 made significant progress on its strategic priorities in the third quarter of 2024, achieving $1.4 billion in run-rate business transformation savings. The company also advanced its asset disposition program, with proceeds of $1.3 billion since 2022, and continued to expand its Midstream business with strategic acquisitions and investments.

Summarized from source with an LLMView Source

Key figures

-17.6%1Y

53.7%3Y

-1.94%5Y

Performance

25.5%1Y

32.1%3Y

42.6%5Y

Volatility