Phillips 66 has reported earnings for the second quarter of simply above $1 billion, versus $748 million for the primary three months of the yr.
“We’re systematically executing our strategic priorities, which is mirrored in our second-quarter outcomes”, stated Mark Lashier, chairman and CEO. “Refining crude utilization was our highest in 5 years and we lowered our prices by practically a greenback per barrel, reflecting the success of our enterprise transformation efforts. In Midstream, robust outcomes mirror document NGL volumes and elevated synergy seize”.
The midstream sector was the primary contributor to its earnings with a contribution of $767 million. Midstream efficiency was boosted by increased NGL volumes and margins, in addition to decrease prices.
- Advertisement -
“In midstream, we proceed to profit from synergy seize as we execute our NGL wellhead-to-market technique. Earlier this month, we closed on our acquisition of Pinnacle Midstream. It was a bolt-on to our pure gasoline gathering and processing enterprise and grows our steady earnings with high-quality, 100% fee-based long-term contracts. The belongings are strategically situated close to our current Permian footprint within the liquids-rich Midland Basin”, Lashier stated.
As of June 30, 2024, the corporate stated it had $2.4 billion of money and money equivalents and $4.1 billion of dedicated capability obtainable beneath a credit score facility.
The second quarter noticed Phillips 66 attain full charges at its Rodeo Renewable power complicated with the start-up of a second hydrocracker and each pretreatment models. The complicated is processing roughly 50,000 barrels per day of renewable feedstocks.
In an earnings name, Kevin Mitchell, Phillips 66 chief monetary officer, vice chairman, and director of the overall companion, stated that the corporate expects its company prices to return in between $330 million and $350 million.
“For the total yr, we anticipate refining turnaround expense to be between $500 million and $530 million. It is a discount from earlier steering”, Mitchell added.
To contact the creator, e-mail andreson.n.paul@gmail.com
Generated by readers, the feedback included herein don’t mirror the views and opinions of Rigzone. All feedback are topic to editorial overview. Off-topic, inappropriate or insulting feedback shall be eliminated.
