Phillips 66 (PSX) ( (PSX) ) has released its Q1 earnings. Here is a breakdown of the information Phillips 66 (PSX) presented to its investors.
Phillips 66 is a leading integrated downstream energy provider that manufactures, transports, and markets products essential to the global economy. The company operates in various sectors, including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels, with a focus on safely delivering energy while advancing towards a lower-carbon future.
In the first quarter of 2025, Phillips 66 reported earnings of $487 million, or $1.18 per share, despite facing a challenging macro environment and extensive maintenance activities. The company also returned $716 million to shareholders through dividends and share repurchases, and received $2 billion from the sale of non-operated equity interests.
Key financial highlights include a reported adjusted loss of $368 million, primarily impacted by a significant turnaround program and accelerated depreciation on the Los Angeles Refinery. The Midstream segment saw a decrease in adjusted pre-tax income due to lower volumes, while the Chemicals segment benefited from higher volumes and lower costs. The Refining segment faced increased losses due to planned maintenance, though it experienced improved margins from higher market crack spreads. Meanwhile, the Marketing and Specialties segment saw a substantial increase in pre-tax income driven by strong international performance.
Phillips 66 continues to advance its strategic priorities, including the construction of a new gas processing plant in the Permian and the acquisition of EPIC Y-Grade, which supports its integrated wellhead-to-market strategy. The company remains committed to providing stable cash flow and returning over 50% of net operating cash flow to shareholders.
Looking ahead, Phillips 66 is positioned to capture stronger margins as the year progresses, with the majority of its turnaround activities completed. The company remains focused on executing its strategic initiatives and delivering value to shareholders in an uncertain market environment.