Core Viewpoint - Phillips 66 reported first-quarter 2024 adjusted earnings of $1.90 per share, missing the Zacks Consensus Estimate of $2.05, and significantly lower than the previous year's $4.21 [1] - Total quarterly revenues reached $36.4 billion, exceeding the Zacks Consensus Estimate of $31 billion and improving from $35.1 billion in the same quarter last year [1] Segmental Results Midstream - Adjusted pre-tax quarterly earnings were $613 million, down from $678 million year-over-year, but exceeded the estimate of $577.6 million [2] - The decline was mainly due to reduced throughput and deficiency revenues, partially offset by lower maintenance costs [2] Chemicals - Adjusted pre-tax earnings increased to $205 million from $198 million in the prior-year quarter, surpassing the estimate of $127 million [3] - The profit rise was driven by increased margins in polyethylene, higher sales prices, and decreased feedstock costs [3] Refining - Adjusted pre-tax earnings fell to $228 million from $1.6 billion year-over-year, missing the projection of $1.1 billion [4] - Realized refining margins worldwide dropped to $10.91 per barrel from $20.72, with declines noted in all regions including the Central Corridor and Gulf Coast [4] Marketing & Specialties - Pre-tax earnings decreased to $345 million from $426 million in the year-ago quarter, falling short of the projection of $546 million [5] - Realized marketing fuel margins in the U.S. declined to $1.60 per barrel from $2.30, while international margins increased to $6.92 from $6.45 [5] Costs & Expenses - Total costs and expenses rose to $35.5 billion from $32.4 billion in the previous year, which was below the projected $38.4 billion [6] Financial Condition - Net cash from operations was $236 million, significantly down from $1.2 billion a year ago [7] - Capital expenditures totaled $628 million, and dividends paid amounted to $448 million [8] - As of March 31, 2024, cash and cash equivalents were $1.6 billion, with total debt at $20.2 billion, reflecting a debt-to-capitalization ratio of 40% [8]

Key TakeawaysPhillips 66 reported a drop in first-quarter profits as refining margins thinned.The energy company's realized refining margins were nearly half what they were in the first quarter of 2023.The company noted its results were affected by maintenance, which limited its ability to produce higher-value products. Phillips 66 (PSX) shares dropped in intraday trading Friday after the energy producer’s quarterly profit fell as refining margins thinned. The company reported first-quarter net earnings slu ...

Exhibit 99.2 Phillips 66 Earnings Release Supplemental Data CONSOLIDATED INCOME STATEMENT Millions of Dollars, Except as Indicated 2024 2023 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr YTD Qtr Qtr Qtr Qtr YTD Revenues and Other Income Sales and other operating revenues 35,811 35,811 34,396 35,090 39,643 38,270 147,399 Equity in earnings of affiliates 528 528 611 563 562 281 2,017 Net gain (loss) on dispositions — — 34 (12) 102 (9) 115 Other income** 97 97 48 99 15 197 359 Total Revenues and Other Income ...

Phillips 66 (PSX) came out with quarterly earnings of $1.90 per share, missing the Zacks Consensus Estimate of $2.05 per share. This compares to earnings of $4.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.32%. A quarter ago, it was expected that this oil refiner would post earnings of $2.37 per share when it actually produced earnings of $3.09, delivering a surprise of 30.38%.Over the last four quarters, the company h ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Let's take a look at what these Wall Street heavyweights have to say about Phillips 66 (PSX) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Phillips 66 currently has an average bro ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase ...

Core Viewpoint - Phillips 66 (PSX) is expected to report a decline in earnings for the first quarter of 2024, with adjusted earnings per share estimated at $2.16, reflecting a 48.7% decrease from the previous year [2] Earnings Performance - In the last reported quarter, PSX's adjusted earnings were $3.09 per share, surpassing the Zacks Consensus Estimate of $2.37 due to reduced costs, although this was partially offset by lower refining margins globally [1] - PSX has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 13.5% [1] Estimate Trend - The Zacks Consensus Estimate for first-quarter revenues is $31.1 billion, indicating an 11.5% decline from the year-ago figure [2] Factors Impacting Earnings - The midstream business, which includes pipelines and storage, is expected to generate stable earnings due to its lower sensitivity to commodity price fluctuations and integration with other segments [3] - Refining operations are anticipated to be negatively impacted by the disparity between high crude oil prices and lower retail gasoline prices, leading to decreased profitability [4] Earnings Whispers - The Earnings ESP for PSX is -4.23%, indicating a lower likelihood of an earnings beat, with the Most Accurate Estimate at $2.07 per share compared to the Zacks Consensus Estimate of $2.16 [5]

Phillips 66 (PSX) closed the latest trading day at $154.71, indicating a +0.91% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq lost 2.05%.The oil refiner's stock has dropped by 3.63% in the past month, falling short of the Oils-Energy sector's gain of 2.78% and the S&P 500's loss of 2.57%.The investment community will be closely monitoring the performance of Phillips 66 in its ...

The market expects Phillips 66 (PSX) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 26, 2024, might help the stock move higher if these key numbers are bett ...

Phillips 66 (PSX) closed the most recent trading day at $165.41, moving +0.15% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.74%. At the same time, the Dow lost 0.01%, and the tech-heavy Nasdaq gained 1.68%.Prior to today's trading, shares of the oil refiner had gained 6.92% over the past month. This has lagged the Oils-Energy sector's gain of 8.96% and outpaced the S&P 500's gain of 0.8% in that time.The upcoming earnings release of Phillips 66 will be of great interest ...