Summary
Phillips 66 (PSX) reported net income attributable to Phillips 66 of $1.015 billion for the second quarter of 2024, a decrease from $1.697 billion in the prior year's quarter. This decline was primarily driven by lower realized refining margins, although this was partially offset by lower income tax expenses and a significant gain from an asset disposition in the Midstream segment. For the first six months of 2024, net income attributable to Phillips 66 was $1.763 billion, down from $3.658 billion in the same period of 2023. The company continues to manage its capital effectively, generating substantial operating cash flow while also returning capital to shareholders through dividends and share repurchases. The company also completed the conversion of its San Francisco Refinery into the Rodeo Renewable Energy Complex (RREC), positioning it for growth in the renewable fuels sector.
Financial Highlights
45 data points| Revenue | $38.13B |
| Cost of Revenue | $34.63B |
| Gross Profit | $3.50B |
| SG&A Expenses | $552.00M |
| Operating Income | $1.76B |
| Net Income | $1.01B |
| EPS (Basic) | $2.39 |
| EPS (Diluted) | $2.38 |
| Shares Outstanding (Basic) | 422.87M |
| Shares Outstanding (Diluted) | 425.73M |
Key Highlights
- 1Net income attributable to Phillips 66 was $1.015 billion ($2.38 per diluted share) for the three months ended June 30, 2024, compared to $1.697 billion ($3.72 per diluted share) for the same period in 2023.
- 2For the six months ended June 30, 2024, net income attributable to Phillips 66 was $1.763 billion ($4.10 per diluted share), compared to $3.658 billion ($7.92 per diluted share) for the same period in 2023.
- 3The company completed the conversion of its San Francisco Refinery into the Rodeo Renewable Energy Complex (RREC), which is expected to produce renewable diesel, renewable jet fuel, and sustainable aviation fuel.
- 4The Midstream segment recognized a pre-tax gain of $238 million from the sale of its 25% ownership interest in Rockies Express Pipeline LLC (REX).
- 5Refining segment income before taxes decreased significantly due to lower realized refining margins, driven by lower market crack spreads.
- 6Capital expenditures and investments totaled $995 million for the six months ended June 30, 2024, an increase from $929 million in the prior year, with significant investment in the Renewable Fuels segment related to RREC.
- 7Phillips 66 returned approximately $2 billion to shareholders through share repurchases and $933 million in dividends during the first six months of 2024.