Phillips 66 reports Q2 EPS $3.87 , consensus $3.56

Reports Q2 revenue $35.74B , consensus $34.55B. “We delivered strong financial results and continued executing on our strategic priorities,” said Mark Lashier, President and CEO of Phillips 66. “We returned $1.8B to shareholders, progressed our business transformation cost reduction initiatives and increased expected synergy capture to more than $400 million in our Midstream business. We demonstrated operational excellence across our portfolio, running above industry-average utilization in Refining and achieving record NGL frac volumes in Midstream. We also completed the acquisition of the DCP Midstream, LP public common units and continue to execute our NGL wellhead-to-market strategy.” Midstream