Summary
Phillips 66 (PSX) emerged as an independent, publicly traded company on April 30, 2012, following its separation from ConocoPhillips. For the fiscal year ending December 31, 2012, Phillips 66 reported net income attributable to the company of $4.124 billion. The company's operations are diversified across three main segments: Refining and Marketing (R&M), Midstream, and Chemicals. The R&M segment, which accounted for 77% of total assets at year-end 2012, performed strongly with improved refining margins, particularly in the Midcontinent region. The Midstream segment, focused on natural gas and NGLs, experienced a decrease in earnings due to lower NGL prices. The Chemicals segment, largely represented by its investment in CPChem, saw robust margins driven by favorable NGL feedstock costs in North America. Phillips 66 also demonstrated a commitment to shareholder returns, increasing its quarterly dividend and initiating a significant share repurchase program. The company managed its capital effectively, with a 2013 capital program focused on growth in Midstream and Chemicals, and improvements in R&M, while maintaining a healthy debt-to-capital ratio.
Financial Highlights
47 data points| Revenue | $179.29B |
| R&D Expenses | $70.00M |
| SG&A Expenses | $1.70B |
| Operating Income | $4.08B |
| Net Income | $4.12B |
| EPS (Basic) | $6.55 |
| EPS (Diluted) | $6.48 |
| Shares Outstanding (Basic) | 628.84M |
| Shares Outstanding (Diluted) | 636.76M |
Key Highlights
- 1Phillips 66 completed its separation from ConocoPhillips on April 30, 2012, becoming an independent publicly traded company.
- 2Reported net income attributable to Phillips 66 of $4.124 billion for the fiscal year ended December 31, 2012.
- 3The Refining and Marketing (R&M) segment represented 77% of total assets and benefited from strong refining margins, especially in the Midcontinent.
- 4The Midstream segment, focused on natural gas and NGLs, experienced a decline in earnings due to lower NGL prices.
- 5The Chemicals segment, primarily through its investment in CPChem, saw improved margins driven by favorable North American NGL feedstock costs.
- 6Phillips 66 initiated a $2 billion share repurchase program and increased its quarterly dividend.
- 7The company maintained a 93% refining capacity utilization rate for 2012, up from 92% in 2011.