Phillips 66 Reports 1Q24 Results, Highlights Strategic Priorities

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(Phillips 66, 26.Apr.2024) — Phillips 66 (NYSE: PSX) announced first-quarter earnings of $748mn, compared with earnings of $1.3bn in the fourth quarter. Excluding special items of $74mn, the company had adjusted earnings of $822mn in the first quarter, compared with fourth-quarter adjusted earnings of $1.4bn.

“In the first quarter, we progressed our strategic priorities and returned $1.6bn to shareholders,” said Mark Lashier, president and CEO of Phillips 66. “While our crude utilization rates were strong, our results were affected by maintenance that limited our ability to make higher-value products. We were also impacted by the renewable fuels conversion at Rodeo, as well as the effect of rising commodity prices on our inventory hedge positions. The maintenance is behind us, our assets are currently running near historical highs and we are ready to meet peak summer demand.

“We recently launched a process to sell our retail marketing business in Germany and Austria, consistent with our plan to divest non-core assets. A major milestone was achieved with the startup of our Rodeo Renewable Energy Complex, positioning Phillips 66 as a world leader in renewable fuels.

“We remain committed to delivering increased value to our shareholders. We have returned $9.9bn to shareholders through share repurchases and dividends since July 2022, on pace to meet our target of $13bn to $15bn by year-end 2024. Our strategic priorities put us on a clear path to achieve our $14bn mid-cycle adjusted EBITDA target by 2025 and return over 50% of operating cash flows to shareholders.”


First-Quarter Results

  • First-quarter earnings of $748mn or $1.73 per share; adjusted earnings of $822mn or $1.90 per share
  • $1.6bn returned to shareholders through dividends and share repurchases
  • Refining operated at 92% crude utilization
  • Recently announced 10% increase to the quarterly dividend to $1.15 per common share
  • Earned industry recognition for 2023 exemplary safety performance in Midstream, Refining and Chemicals

Strategic Priorities Highlights

  • Returned $9.9bn to shareholders through dividends and share repurchases since July 2022
  • On track to achieve $1.4bn of business transformation cost and sustaining capital savings by year-end 2024
  • Launched process to divest retail marketing assets in Germany and Austria
  • Commenced operations at Rodeo Renewable Energy Complex


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