PSX · Energy

Phillips 66

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Liquidity and Debt PositionImportance 58 · Surprise 42
  Phillips 66 reduced total debt by $6.6 billion during the second quarter of 2026 to $20.6 billion. Management also reported net debt of $16.5 billion and said the company was ahead of schedule toward its year-end…

News · 2026-08-06

• Refining Margin TrendsImportance 69 · Surprise 64
  Phillips 66's second-quarter 2026 realized refining margin rose to $24.08 per barrel, more than doubling from the prior-year period. Refining adjusted earnings reached $3.09 billion, making higher refining margins the…
• Revenue Performance and MixImportance 63 · Surprise 64
  Phillips 66 reported second-quarter 2026 revenue of approximately $52.04 billion, exceeding the $43.41 billion analyst estimate. Net income increased to $3.847 billion from $877 million in the year-earlier quarter, a…
• Capital Return ProgramImportance 58 · Surprise 42
  Phillips 66 expanded its share-repurchase authorization by $10 billion, bringing the total authorization to $23 billion. The company returned $887 million to shareholders through dividends and stock repurchases during…
• Renewable Diesel CapacityImportance 20 · Surprise 24
  Phillips 66's renewable diesel facility operated above nameplate capacity during the second quarter of 2026. Renewable Fuels returned to profitability and benefited from renewable fuel credits, according to third-party…

10-Q · 2026-08-05

• Geopolitical Commodity Price ImpactImportance 78 · Surprise 74
  Phillips 66 reported significant commodity-price movements during the second quarter of 2026 that were driven in part by geopolitical events and could materially affect future results. Middle East supply concerns…
• Revenue Performance and MixImportance 69 · Surprise 64
  Sales and other operating revenues increased 53% year over year in the second quarter of 2026 and 31% in the first six months of 2026. The increases were primarily driven by higher refined petroleum product and crude…
• Renewable Fuel Compliance CostsImportance 65 · Surprise 82
  Phillips 66 incurred $269 million during the six months ended June 30, 2026, to purchase Renewable Identification Numbers in the open market for its wholly owned refineries’ Renewable Fuel Standard obligations. The…
• Refining Margin TrendsImportance 63 · Surprise 64
  Refining segment income before taxes increased $2.7 billion in the second quarter and $3.8 billion in the first six months of 2026. Worldwide realized refining margins increased to $24.08 per barrel in the second…
• Interest Rate and Debt ExposureImportance 61 · Surprise 66
  Interest and debt expense increased 19% for the second quarter and 24% for the first six months of 2026, primarily because of higher average debt balances. Phillips 66 Company entered into a $2.25 billion, 364-day term…
• Litigation and Legal RiskImportance 58 · Surprise 68
  A California jury awarded Propel Fuels $604.9 million in compensatory damages, and the final judgment entered August 5, 2025 totaled $833 million, including $195 million of exemplary damages and $33.3 million of…
• Renewable Fuels ProfitabilityImportance 57 · Surprise 64
  Renewable Fuels segment results improved $677 million in the second quarter and $821 million in the first six months of 2026. The improvement was primarily attributable to higher values of regulatory credits. The…
• Capital Expenditure OutlookImportance 56 · Surprise 42
  Phillips 66 budgeted $2.4 billion for 2026 capital expenditures and investments, excluding acquisitions and its share of equity-affiliate capital spending. The 2026 budget includes $1.3 billion of growth capital,…
• Capital Return ProgramImportance 52 · Surprise 42
  Phillips 66 paid $508 million of common-stock dividends and repurchased $379 million of common stock in the second quarter of 2026. During the first six months, the company returned $1.7 billion to shareholders through…
• Renewable Fuels Credit ValuesImportance 51 · Surprise 64
  Renewable Fuels results benefited from materially higher regulatory-credit values in the second quarter of 2026. California LCFS carbon credit prices increased to $68.65 per metric ton from $52.33, while biodiesel RIN…
• Liquidity and Debt PositionImportance 49 · Surprise 32
  At June 30, 2026, Phillips 66 held $4.1 billion of cash and cash equivalents, $20.6 billion of total debt and $6.4 billion of committed credit capacity available. During the first six months, operating cash flow was $5…
• Acquisitions and DivestituresImportance 47 · Surprise 60
  On October 1, 2025, Phillips 66 acquired the remaining 50% ownership interest in WRB from subsidiaries of Cenovus Energy Inc., bringing 100% of the Borger and Wood River refineries into consolidated results. The WRB…
• Revenue Concentration RiskImportance 46 · Surprise 42
  Dakota Access’ senior unsecured notes had an aggregate principal amount outstanding of $850 million at June 30, 2026. Phillips 66’s 25% share of the maximum potential equity contributions under the Contingent Equity…
• Chemicals Segment ProfitabilityImportance 45 · Surprise 64
  Chemicals segment results increased $384 million in the second quarter and $385 million in the first six months of 2026. The improvement was primarily caused by higher polyethylene sales prices and improved…
• Chemicals Margin RecoveryImportance 45 · Surprise 64
  The benchmark high-density polyethylene chain margin increased to 43.6 cents per pound in the second quarter of 2026 from 7.4 cents, mainly because lower plant utilization in Asia improved supply-demand conditions amid…
• Dakota Access Regulatory ApprovalImportance 44 · Surprise 60
  In May 2026, the U.S. Army Corps of Engineers issued a Record of Decision authorizing continued Dakota Access Pipeline operation under a new easement with enhanced safety and environmental conditions. Required measures…
• Operating Expense TrendsImportance 41 · Surprise 48
  Operating expenses increased $370 million in the second quarter and $629 million in the first six months of 2026. The primary driver was the October 2025 acquisition of WRB, while lower costs after the Los Angeles…
• Marketing Margin PressureImportance 40 · Surprise 56
  Phillips 66’s Marketing and Specialties segment faced lower U.S. and international marketing fuel margins, mainly due to commodity derivative activity. Second-quarter realized marketing fuel margins were $1.82 per…
• LNG and Chemicals SegmentImportance 32 · Surprise 24
  CPChem incurred $524 million of capital expenditures and investments on a 100% basis during the first six months of 2026. The program targeted petrochemical projects on the U.S. Gulf Coast and in the Middle East, along…
• NGL Supply Market TightnessImportance 30 · Surprise 40
  The weighted-average NGL price rose to $0.73 per gallon in the second quarter of 2026 from $0.64, primarily because of a tight supply market and fewer cargos from the Middle East. Phillips 66 reported increased…
• Midstream Capital ExpendituresImportance 25 · Surprise 6
  Phillips 66 spent $771 million in Midstream capital during the first six months of 2026, primarily on Permian Basin gas-processing plants, gathering and processing projects, and reliability and maintenance. Refining…
• Dividend DeclarationImportance 13 · Surprise 6
  Phillips 66 paid a quarterly cash dividend of $1.27 per common share on June 1, 2026. The payment was made to shareholders of record as of May 18, 2026. On July 9, 2026, the board declared another $1.27-per-share…
• Income Tax Rate ChangesImportance 12 · Surprise 6
  Income tax expense increased $880 million in the second quarter and $799 million in the first six months of 2026. The increases were primarily caused by higher income before income taxes, which rose to $5.0 billion in…

8-K · 2026-08-05

• Liquidity and Debt PositionImportance 79 · Surprise 66
  Total debt declined by $6.559 billion to $20.565 billion at June 30, 2026, from $27.124 billion at March 31, 2026. Net debt decreased to $16.466 billion from $21.974 billion, while cash and cash equivalents declined to…
• Revenue Performance and MixImportance 63 · Surprise 64
  Phillips 66 reported second-quarter 2026 earnings of $3.847 billion, or $9.55 per diluted share, compared with $207 million, or $0.51 per share, in the first quarter. Adjusted earnings increased to $3.788 billion, or…
• Segment ProfitabilityImportance 63 · Surprise 64
  Refining adjusted pre-tax income increased by $2.878 billion sequentially to $3.086 billion, driven primarily by higher realized margins from increased market crack spreads and favorable mark-to-market impacts.…
• Refining Margin TrendsImportance 63 · Surprise 64
  Refining realized margins increased to $4.499 billion, or $24.08 per barrel, in the second quarter from $1.827 billion, or $10.11 per barrel, in the first quarter. Refining pre-tax income increased to $3.062 billion…
• Capital Expenditure ProgramImportance 55 · Surprise 66
  Phillips 66 spent $726 million on capital expenditures and investments in the second quarter, up from $582 million in the first quarter. The company announced construction of the 300 million-cubic-feet-per-day Zeus Gas…
• Upstream Production VolumeImportance 44 · Surprise 58
  Phillips 66 achieved full production at the Dos Picos II gas plant in the Permian Basin, which has capacity of 220 million cubic feet per day. The company announced construction of the 300 million-cubic-feet-per-day…
• Capital Return ProgramImportance 42 · Surprise 40
  Phillips 66 returned $887 million to shareholders in the second quarter, compared with $778 million in the first quarter. Common-stock repurchases totaled $379 million, up from $269 million sequentially. Common-stock…
• Income Tax Rate ChangesImportance 40 · Surprise 46
  Consolidated income tax expense increased to $1.092 billion in the second quarter from $41 million in the first quarter, alongside the increase in pre-tax income to $4.971 billion from $260 million. Adjusted income tax…
• Propel Fuels LitigationImportance 40 · Surprise 42
  Phillips 66 recorded an $85 million legal accrual in the first six months of 2026, including $65 million in the second quarter and $20 million in the first quarter. The accrual primarily related to ongoing litigation…
• Manufacturing and CapacityImportance 39 · Surprise 50
  Phillips 66 reached full production at Dos Picos II, a 220 million cubic feet per day gas plant in the Permian Basin. It announced construction of the 300 million cubic feet per day Zeus Gas Plant in the Permian Basin…
• Midstream Capacity ExpansionImportance 34 · Surprise 42
  Phillips 66 achieved full production at Dos Picos II, a 220 million cubic feet per day gas plant in the Permian Basin. The company announced construction of the 300 million cubic feet per day Zeus Gas Plant, also in…
• Chemicals Capacity ExpansionImportance 31 · Surprise 42
  Chevron Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in Orange, Texas, and the Ras Laffan Polymers Project in Qatar. Full operations for both projects are expected in 2027. The…
• NGL and LPG Volume TrendsImportance 30 · Surprise 40
  Phillips 66 achieved record NGL fractionation volumes and LPG export volumes in the second quarter. NGL fractionation increased to 1,020 thousand barrels per day from 980 thousand barrels per day in the first quarter,…
• Refining Utilization and YieldImportance 30 · Surprise 32
  Refining crude capacity utilization increased to 96% from 95% in the first quarter. Clean product yield was 86%, compared with 87% in the prior quarter. Total processed inputs increased to 186.9 million barrels from…

News · 2026-08-05

• Middle East Conflict ImpactImportance 83 · Surprise 82
  Phillips 66 benefited from fuel-export demand and tighter global supplies associated with Middle East tensions and the Iran war. Reuters reported the company’s realized refining margin reached $24.08 per barrel in the…
• Refining Margin TrendsImportance 69 · Surprise 64
  Phillips 66's second-quarter 2026 realized refining margin rose to $24.08 per barrel, more than doubling from the prior-year period. Refining adjusted earnings reached $3.09 billion, making higher refining margins the…
• Revenue Performance and MixImportance 63 · Surprise 64
  Phillips 66 reported second-quarter 2026 revenue of approximately $52.04 billion, exceeding the $43.41 billion analyst estimate. Net income increased to $3.847 billion from $877 million in the year-earlier quarter, a…
• Liquidity and Debt PositionImportance 58 · Surprise 42
  Phillips 66 reduced total debt by $6.6 billion during the second quarter of 2026 to $20.6 billion. Management also reported net debt of $16.5 billion and said the company was ahead of schedule toward its year-end…
• Capital Return ProgramImportance 58 · Surprise 42
  Phillips 66 expanded its share-repurchase authorization by $10 billion, bringing the total authorization to $23 billion. The company returned $887 million to shareholders through dividends and stock repurchases during…
• Explorer Pipeline Stake SaleImportance 52 · Surprise 42
  Shell and Phillips 66 are reportedly considering selling their combined 60.5% stake in Explorer Pipeline Co. The stake is valued at approximately $3.5 billion, although the reported sale process remains preliminary and…
• Refining Capacity OutlookImportance 46 · Surprise 42
  Phillips 66 plans to operate its refineries at utilization in the mid-90% range of combined capacity during the third quarter of 2026. The company had operated at 96% utilization in the second quarter. Management’s…
• Venezuelan Crude ExposureImportance 37 · Surprise 42
  Phillips 66 said it was the third-largest buyer of Venezuelan crude, according to third-party reporting. The disclosure occurred amid public criticism from President Trump directed at Exxon Mobil and Chevron over…
• Chemicals Project ProgressImportance 34 · Surprise 42
  Phillips 66's chemicals business contributed positively during the second quarter as stronger chemicals results supported the integrated portfolio. The company fully commissioned the Dos Picos II natural gas processing…
• Western Gateway Permian GrowthImportance 34 · Surprise 42
  Phillips 66 is repositioning its portfolio around the Western Gateway and Permian regions following its post-2022 strategic makeover. The strategy emphasizes deploying Western Gateway and Permian gas across the…
• Midstream Volume GrowthImportance 26 · Surprise 24
  Phillips 66 reported record NGL fractionation and LPG export volumes in the second quarter. Coverage also cited increased natural-gas-liquids pipeline and fractionation volumes, supporting midstream performance. The…
• Manufacturing and CapacityImportance 19 · Surprise 6
  Phillips 66 operated its refineries at 96% utilization in the second quarter of 2026. The company planned to run its combined refinery system in the mid-90% range of capacity during the third quarter. High utilization…

News · 2026-08-04

• Capital Return ProgramImportance 58 · Surprise 42
  Phillips 66 expanded its share-repurchase authorization by $10 billion, bringing the total authorization to $23 billion. The company returned $887 million to shareholders through dividends and stock repurchases during…