PSX · 10-Q · 2026Q2

Phillips 66

Filed 2026-08-05 · Energy · View original filing on EDGAR

Ranked Events

• 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 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…
• 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…
• 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…

Revenue by Product (in millions)

Revenue by Geography (in millions)