Key TakeawaysRussia claims capture of Chuhunivka in eastern Ukraine, intensifying geopolitical tensions, while Ukraine implements emergency power cuts following widespread airstrikes.An assassination attempt on top Russian military intelligence General Alexeyev has been reported, with suspects expected to be interrogated soon, according to Kommersant.Ukrainian President Zelenskiy anticipates the next round of trilateral peace talks in about a week, with the U.S. reportedly aiming for a deal to end the war b ...

Phillips 66 will lay off around half of its employees at its sole remaining oil refinery in California after shuttering operations, Bloomberg News reported on Thursday, citing a filing with California... ...

Midstream and Chemicals executive Don Baldridge said the segment has increased adjusted EBITDA by 40% since 2022 and delivered approximately $1 billion of adjusted EBITDA in the fourth quarter of 2025 . He attributed growth to portfolio simplification, acquisitions (including Pinnacle and Coastal Bend), and expansions such as the Sweeny Hub and Dos Picos II.In refining, Lashier reiterated a multi-year objective to reduce adjusted controllable costs, targeting approximately $5.50 per barrel on an annual basi ...

Hello and welcome to Asking for a Trend. I'm Josh Lipton and for the next half hour, we are breaking down the trends of today that'll move stocks tomorrow. There's a lot to keep track of, so we're focusing on what you need to know to get ahead of the curve.Here are some of the trends we're going to be diving into. The Trump administration is looking to take on China when it comes to critical minerals. We've got the details on the new partnership that was announced Wednesday.And another commodity we're watch ...

Financial Data and Key Metrics Changes - Reported earnings for Q4 2025 were $2.9 billion or $7.17 per share, while adjusted earnings were $1 billion or $2.47 per share, reflecting a flat performance compared to the previous quarter [11][12] - Capital spending for the quarter was $682 million, with operating cash flow generated at $2.8 billion [12][15] - Net debt to capital ratio stood at 38%, with a commitment to return over 50% of net operating cash flow to shareholders through dividends and share repurchases [11][12] Business Line Data and Key Metrics Changes - Midstream adjusted EBITDA increased by 40% since 2022, reaching approximately $1 billion in Q4 2025, driven by higher volumes despite lower margins [8][12] - Refining results improved due to the acquisition of WRB, with higher realized margins in the Gulf Coast, offset by weaker Central Corridor crack spreads [12][13] - Renewable Fuels saw improved results primarily due to higher realized margins, while Chemicals experienced a decrease due to lower polyethylene margins [12][13] Market Data and Key Metrics Changes - The acquisition of WRB increased exposure to Canadian heavy crude differentials by 40%, which have widened by approximately $4 per barrel since the acquisition announcement [7][12] - The worldwide crude utilization rate is expected to be in the low 90s for Q1 2026, with anticipated turnaround expenses between $170 million and $190 million [16][16] Company Strategy and Development Direction - The company is focused on safe, reliable operations, continuous improvement, and disciplined capital allocation to maximize profitability [4][18] - Strategic actions in 2025 included acquiring the remaining 50% interest in WRB, selling a 65% interest in the Germany and Austria retail marketing business, and idling the Los Angeles refinery [5][6] - The company aims to achieve an adjusted controllable cost per barrel of approximately $5.50 by the end of 2027 [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the refining sector, anticipating continued demand growth in 2026, with challenges in meeting that demand due to low refinery additions [80] - The company is optimistic about achieving a run-rate adjusted EBITDA of approximately $4.5 billion by year-end 2027, supported by organic growth opportunities [9][78] - Management emphasized the importance of maintaining a conservative balance sheet while returning cash to shareholders [11][18] Other Important Information - The company reported its best year ever for safety performance in 2025, highlighting the commitment to safety as foundational to operations [4] - The company plans to add a gas plant approximately every 12-18 months, with the Iron Mesa gas plant expected to be in service in early 2027 [9] Q&A Session Summary Question: Outlook for Mid-Continent products and feedstock opportunities post-WRB consolidation - Management highlighted the integration of refining, midstream, and marketing assets, emphasizing the advantages of heavy Canadian crude and the robust demand profile in PADD 2 [20][21] Question: 2026 priorities on cost outlook - Management indicated a target of $5.50 per barrel for controllable refining costs, with continuous improvement initiatives in place [24][27] Question: Turnaround management and utilization rates - Management noted a relatively light turnaround cycle in 2026, with a focus on maintaining low turnaround costs while maximizing utilization [32][34] Question: Cash flow framework and stock buyback capacity - Management outlined a framework for returning cash to shareholders, with approximately $4 billion available for debt reduction and buybacks [36][38] Question: Dynamics of WCS spreads and Venezuelan crude - Management confirmed the ability to process Venezuelan crude and its potential impact on heavy crude differentials, while also addressing market expectations [42][44] Question: Refining operational performance and M&A opportunities - Management acknowledged the potential for M&A if value-creating opportunities arise, particularly in the Mid-Continent or Gulf Coast regions [90][92]

Phillips 66 (NYSE:PSX) Q4 2025 Earnings call February 04, 2026 12:00 PM ET Company ParticipantsBrian Mandell - EVP, Marketing and CommercialDon Baldridge - EVP of Midstream and ChemicalsJason Gabelman - Director of Energy Equity ResearchKevin Mitchell - CFOMark Lashier - Chairman and CEOMatthew Blair - MD of Refiners, Chemicals, and Renewable Fuels ResearchNeil Mehta - Head of Americas Natural Resources Equity ResearchPaul Cheng - MDRich Harbison - EVP of RefiningSean Maher - VP of Investor Relations and Ch ...

Financial Data and Key Metrics Changes - In Q4 2025, reported earnings were $2.9 billion or $7.17 per share, while adjusted earnings were $1 billion or $2.47 per share, reflecting a flat performance compared to the previous quarter [10][11] - Capital spending for the quarter was $682 million, with operating cash flow generated at $2.8 billion, including a $708 million working capital benefit due to inventory reduction [12][13] - Net debt to capital ratio stood at 38%, with $756 million returned to shareholders, including $274 million in share repurchases [10][11] Business Line Data and Key Metrics Changes - Total company adjusted earnings were flat at $1 billion, with sequential improvements in Refining, Renewable Fuels, and Midstream, offset by decreases in Chemicals and Marketing and Specialties [11][12] - Midstream adjusted EBITDA increased by 40% since 2022, reaching approximately $1 billion in Q4 2025, driven by higher volumes despite lower margins [6][11] - Refining results benefited from the acquisition of WRB, with higher realized margins in the Gulf Coast, while Marketing and Specialties results decreased due to the sale of a 65% interest in the Germany and Austria retail marketing business [11][12] Market Data and Key Metrics Changes - The company increased its exposure to Canadian heavy crude differentials by 40% following the acquisition of WRB, with differentials widening by approximately $4 a barrel since the acquisition announcement [4][5] - The worldwide crude utilization rate is expected to be in the low 90s for Q1 2026, with turnaround expenses projected between $170 million and $190 million [14] Company Strategy and Development Direction - The company is focused on safe, reliable operations, continuous improvement, and disciplined capital allocation to maximize shareholder returns [3][17] - Strategic actions in 2025 included acquiring the remaining 50% interest in the WRB joint venture and idling the Los Angeles refinery, which is expected to positively influence costs [4][15] - The company aims to achieve an adjusted controllable cost per barrel of approximately $5.50 by the end of 2027, with ongoing initiatives to reduce costs and improve reliability [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the refining sector, anticipating that demand will continue to grow in 2026, with challenges in meeting that demand due to low refinery additions [79] - The company highlighted a positive inflection point in results for 2025, with expectations for continued improvement and momentum in 2026 [17][81] - Management emphasized the importance of maintaining investor trust and delivering consistent results in a competitive environment [17] Other Important Information - The company plans to add a gas plant approximately every 12-18 months, with the Iron Mesa gas plant expected to be operational in early 2027 [8] - The Western Gateway project is in the scoping and design phase, with positive feedback from prospective customers and regulatory support [61][66] Q&A Session Summary Question: Outlook for Mid-Continent products and feedstock opportunities post-WRB acquisition - Management noted strong integration between refining, midstream, and marketing assets, with a robust demand profile expected in PADD 2, benefiting from widening heavy dips [20] Question: 2026 priorities on cost outlook - Management indicated a target of $5.50 per barrel for controllable refining costs, with continuous improvement initiatives expected to drive down costs further [26] Question: Turnaround management and utilization rates - Management confirmed a relatively light turnaround cycle for 2026, with costs slightly increasing due to the inclusion of WRB assets, but overall guidance remains stable [32] Question: Midstream growth outlook and potential for stock buybacks - Management outlined a framework for returning over 50% of operating cash flow to shareholders, with expectations for significant debt reduction and share buybacks [36] Question: Refining macro outlook for 2026 - Management expressed bullish sentiment for refining margins in 2026, citing expected demand growth and low unplanned turnarounds [79][81] Question: Likelihood of increased ethane rejection in the Permian - Management does not foresee a material change in ethane rejection due to new gas pipelines, expecting continued balance in supply and demand [85]

1 Lake James Gas Plant GOLDSMITH, TX Cautionary Statement In the third quarter of 2024, we began presenting the line item "Capital expenditures and investments" on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability. Phillips 66 and Refining results included herein through September 30, 2025, includes our proportional share of WRB Refining LP equity earnings and beginning October 1, 2025, incl ...

Key Takeaways Phillips 66 posted Q4 adjusted EPS of $2.47, beating estimates and reversing a year-ago quarterly loss.PSX refining swung to profit as worldwide realized margins nearly doubled from last year's levels.Phillips 66 saw higher midstream earnings and cash flow, while chemicals and renewables weighed on results.Phillips 66 (PSX) reported fourth-quarter 2025 adjusted earnings of $2.47 per share, which beat the Zacks Consensus Estimate of $2.11. The bottom line also improved from the year-ago quarter ...

Pre-market futures are off their lows from the very early morning, with fresh Q4 earnings reports and private-sector jobs numbers giving something of a jolt to market indexes. Interestingly, this jolt has sent the small-cap Russell 2000 up but the tech-heavy Nasdaq down. The Dow is +142 points, the S&P 500 +10, the Nasdaq -66 and the Russell +12 points.Private Sector Payrolls Only Half of EstimatesPrivate-sector payrolls for January have been reported this morning by Automated Data Processing (ADP) , just l ...