Phillips 66 has reported $973 million in adjusted internet revenue for the second quarter, bouncing again from a $368 million adjusted internet loss for the prior three-month interval partly attributable to a rise in refining margins and volumes.
The adjusted earnings per share of $2.38, assuming dilution, beat the Zacks Consensus Estimate of $1.66. Houston, Texas-based Phillips 66 declared a quarterly dividend of $1.2 per share, payable September 2 to shareholders of file as of the shut of enterprise on August 19.
Internet revenue earlier than adjustment for nonrecurring objects was $877 million, up from $487 million for Q1 2025.
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Q2 2025 outcomes have been boosted by Phillips 66’s acquisition of EPIC belongings, accomplished early within the quarter and rebranded as Coastal Bend.
Within the refining section, crude capability utilization climbed 18 proportion factors to 98 p.c quarter-on-quarter. The realized margin per barrel was $11.25, up $4.44.
Refining adjusted pre-tax revenue was $392 million, in comparison with an adjusted pre-tax lack of $937 million for Q1 2025. The rise was “primarily attributable to larger realized margins ensuing from improved market crack spreads, in addition to larger volumes and decrease prices”, Phillips 66 mentioned.
Chair and chief govt Mark Lashier mentioned, “Through the quarter, refining ran on the highest utilization since 2018, achieved its lowest price per barrel since 2021, sturdy market seize and file year-to-date clear product yield”.
In the meantime pipeline throughput elevated 252,000 barrels per day (bpd) to 956,000 bpd, whereas chemical substances capability utilization fell eight proportion factors to 92 p.c.
Midstream adjusted pre-tax revenue got here at $731 million, up from $683 million for Q1 2025 “primarily attributable to larger volumes, largely pushed by the acquisition of Coastal Bend, partially offset by seasonal upkeep expense and property taxes”, Phillips 66 mentioned.
Advertising and specialties adjusted pre-tax revenue was $660 million, up from $265 million for Q1 2025 “primarily attributable to larger margins and volumes”.
Chemical substances pre-tax and adjusted pre-tax revenue landed at $20 million, down from $113 million for Q1 2025 “primarily attributable to decrease margins pushed by decrease gross sales costs”.
In the meantime the renewable fuels section registered a pre-tax and adjusted pre-tax lack of $133 million, higher than a results of -$185 million for Q1 2025 “primarily attributable to larger realized margins together with stock impacts, in addition to elevated credit”.
Adjusted earnings earlier than curiosity, taxes, depreciation and amortization totaled $2.5 billion, up from $736 million for Q1 2025.
Money stream from operations was $845 million, up from $187 million for Q1 2025. Excluding working capital, money stream from operations was $1.92 billion, up from $259 million for Q1 2025.
Phillips 66 paid $906 million in return of capital to shareholders in Q2 2025, consisting of $487 million in dividends and $419 million in buybacks.
It ended the quarter with $1.14 billion in money and money equivalents together with $92 million labeled inside belongings held on the market.
Debt stood at $20.94 billion. Internet debt-to-capital ratio was 41 p.c.
To contact the writer, e mail jov.onsat@rigzone.com
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