Summary
Phillips 66 (PSX) reported a net income attributable to Phillips 66 of $748 million for the first quarter of 2024, a significant decrease from $1.961 billion in the same period of the previous year. This decline was primarily driven by lower realized refining margins, which fell from an average of $20.72 per barrel in Q1 2023 to $10.91 per barrel in Q1 2024, due to lower market crack spreads and higher crude oil prices. Despite the drop in profitability, the company's total revenues increased by 4% year-over-year to $35.811 billion, supported by higher refined petroleum product sales volumes and increased crude oil prices. Key financial activities during the quarter included $628 million in capital expenditures and investments, $1.2 billion in common stock repurchases, and $448 million in dividend payments. The company's liquidity position remains solid, with $1.570 billion in cash and cash equivalents at the end of the quarter and an undrawn $5 billion revolving credit facility. Phillips 66 continues to advance its strategic initiatives, notably the conversion of its San Francisco Refinery into the Rodeo Renewable Energy Complex, aiming to increase renewable fuels production capacity.
Financial Highlights
44 data points| Revenue | $35.81B |
| Cost of Revenue | $32.39B |
| Gross Profit | $3.42B |
| SG&A Expenses | $557.00M |
| Operating Income | $748.00M |
| Net Income | $748.00M |
| EPS (Basic) | $1.74 |
| EPS (Diluted) | $1.73 |
| Shares Outstanding (Basic) | 428.96M |
| Shares Outstanding (Diluted) | 431.91M |
Key Highlights
- 1Net income attributable to Phillips 66 decreased to $748 million in Q1 2024 from $1.961 billion in Q1 2023, primarily due to lower refining margins.
- 2Total revenues increased by 4% to $35.811 billion in Q1 2024, driven by higher refined petroleum product sales and crude oil prices.
- 3Refining segment income before taxes significantly declined to $131 million from $1.608 billion, impacted by a substantial decrease in realized refining margins.
- 4The company repurchased $1.2 billion of its common stock and paid $448 million in dividends during the quarter.
- 5Phillips 66 ended the quarter with $1.57 billion in cash and cash equivalents and has a $5 billion revolving credit facility with no amounts drawn.
- 6The Rodeo Renewable Energy Complex is on track to increase renewable fuels production capacity to 50,000 barrels per day by the end of Q2 2024.
- 7The company recorded $163 million in before-tax asset impairments, primarily related to crude processing and logistics assets in California.