Phillips 66 announced its second-quarter earnings, reporting $1.0 billion ($2.38 per share) in net income and $984 million ($2.31 per share) in adjusted earnings. The company returned $1.3 billion to shareholders through dividends and share repurchases. Notably, the company achieved record Midstream NGL pipeline and fractionation volumes, alongside strong refining operations with 98 percent crude utilization and 86 percent clean product yield.
CEO Mark Lashier highlighted the success of the company’s strategic priorities and business transformation efforts, which included significant cost reductions and improved refining crude utilization. Midstream operations saw robust performance with increased NGL volumes and margins. The Chemicals segment benefited from higher margins, while Marketing and Specialties saw improved realized margins.
Phillips 66 maintained a strong financial position with $2.4 billion in cash and $4.1 billion in committed capacity. The company progressed towards its strategic goals by distributing $11.2 billion through share repurchases and dividends since July 2022 and nearing its $1.4 billion target in business transformation savings. Additionally, asset dispositions and strategic acquisitions, such as Pinnacle Midstream, bolstered its portfolio.
The conversion of the Rodeo Renewable Energy Complex was completed, enhancing Phillips 66’s leadership in renewable fuels with the facility reaching full processing rates. These efforts collectively underscore the company’s commitment to increasing shareholder value and operational efficiency.
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