PSX · 8-K · 20260805PR000030

Segment Profitability

Phillips 66 · 2026-08-05 · Importance 63 · Surprise 64 · In source text

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. Renewable Fuels adjusted pre-tax income increased by $585 million to $544 million, supported by higher regulatory credits from higher pricing and production plus favorable mark-to-market impacts. Marketing and Specialties adjusted pre-tax income improved by $655 million to $514 million because of higher global marketing margins and favorable mark-to-market impacts. Midstream and Chemicals adjusted pre-tax income increased by $194 million to $785 million and by $319 million to $404 million, respectively, while Corporate and Other's pre-tax loss narrowed by $44 million to $407 million.

Key facts

• Adjusted EBITDA attributable to Phillips 66 for 2Q 2026: $5,891 million (includes change in fair value of NOVONIX investment of $6 million) source
• Adjusted EBITDA for 2Q 2026: $5,891 million source
• Refining adjusted pre-tax income for 2Q 2026: $3,086 million source
• Refining adjusted EBITDA for 2Q 2026: $3,307 million source
• Midstream adjusted pre-tax income for 2Q 2026: $785 million source
• Midstream adjusted EBITDA for 2Q 2026: $1,046 million source
• Chemicals adjusted EBITDA for 2Q 2026: $528 million source
• Marketing and Specialties adjusted EBITDA for 2Q 2026: $580 million source

Impact estimates