Core Insights - Phillips 66 reported fourth-quarter 2023 adjusted earnings of $3.09 per share, exceeding the Zacks Consensus Estimate of $2.37, but lower than the $4 from the same quarter last year [1] - Total quarterly revenues reached $38.74 billion, surpassing the Zacks Consensus Estimate of $34.3 billion, yet declining from $40.91 billion in the prior year [1] - The better-than-expected results were mainly due to decreased costs and expenses, although this was partially offset by lower refining margins globally [1] Segmental Results - **Midstream**: Adjusted pre-tax earnings were $754 million, an increase from $674 million in the year-ago quarter, and exceeded the estimate of $410 million [2] - **Chemicals**: Adjusted pre-tax earnings rose to $106 million from $52 million in the prior-year quarter, surpassing the estimate of $88.8 million [3] - **Refining**: Adjusted pre-tax earnings fell to $797 million from $1,626 million in the year-ago quarter, missing the projection of $977.4 million. Realized refining margins worldwide decreased to $14.41 per barrel from $19.73 a year ago [4] - **Marketing and Specialties**: Pre-tax earnings declined to $432 million from $539 million in the year-ago quarter, with realized marketing fuel margins in the U.S. dropping to $1.62 per barrel from $2.05 [5] Costs and Expenses - Total costs and expenses in the fourth quarter decreased to $37 billion from $38.36 billion in the previous year, exceeding the projection of $31.84 billion [6] Financial Condition - Phillips 66 generated $2.19 billion of net cash from operations, down from $4.75 billion a year ago. Capital expenditures totaled $634 million, with dividends paid out amounting to $457 million [7] - As of December 31, 2023, cash and cash equivalents were $3.3 billion, and total debt stood at $19.4 billion, reflecting a net debt to capitalization of 34% [7]

STRONG PERFORMANCE, EXECUTING ON OUR PRIORITIES 4Q 2023 CONFERENCE CALL January 31, 2024 ...

For the quarter ended December 2023, Phillips 66 (PSX) reported revenue of $-999 million, down 102.4% over the same period last year. EPS came in at $3.09, compared to $4.00 in the year-ago quarter. ...

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced fourth-quarter earnings of $1.3 billion, compared with earnings of $2.1 billion in the third quarter. Excluding special items of $102 million, the company had adjusted earnings of $1.4 billion in the fourth quarter, compared with third-quarter adjusted earnings of $2.1 billion. In addition, the company provided an update on progress toward its strategic priorities. “ In the fourth qu ...

Core Viewpoint - Phillips 66 is expected to report fourth-quarter 2023 earnings on January 31, with a consensus estimate indicating a significant decline in earnings and revenues compared to the previous year [1][2]. Estimate Trend - The Zacks Consensus Estimate for fourth-quarter earnings per share is $2.41, reflecting two upward and four downward revisions in the last 60 days, indicating a notable decline from the previous year's figure [2]. - The estimated revenue for the fourth quarter is $34.3 billion, which represents a 16.1% decrease from the year-ago reported figure [2]. Factors to Consider - The company is likely to have stable earnings from its midstream business due to the integration of pipeline and storage assets with refining, marketing, specialties, and chemical segments [3]. - However, high oil prices and lower retail gasoline prices in the fourth quarter are expected to negatively impact refining operations, with adjusted pre-tax earnings from refining projected to decline nearly 40% year over year [3]. Earnings Whispers - The current model does not indicate an earnings beat for Phillips 66, as the Earnings ESP is 0.00% and the company holds a Zacks Rank of 3 (Hold) [4]. Stocks to Consider - Western Midstream Partners, LP has an Earnings ESP of +10.54% and a Zacks Rank of 2, scheduled to release fourth-quarter earnings on February 21 [5]. - Exxon Mobil Corporation has an Earnings ESP of +0.49% and a Zacks Rank of 3, with earnings scheduled for release on February 2 [5].

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 December 2023. 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 stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...

The most recent trading session ended with Phillips 66 (PSX) standing at $129.66, reflecting a +0.44% shift from the previouse trading day's closing. This change outpaced the S&P 500's 0.22% gain on the day. At the same time, the Dow added 0.36%, and the tech-heavy Nasdaq gained 0.32%.The oil refiner's stock has dropped by 3.71% in the past month, exceeding the Oils-Energy sector's loss of 5.7% and lagging the S&P 500's gain of 1.61%.Analysts and investors alike will be keeping a close eye on the performanc ...

Phillips 66 (PSX) is on the verge of launching its Rodeo Renewed plant, a revolutionary renewable diesel facility in Rodeo, CA.The significant step forward comes after successfully navigating a comprehensive environmental review, marking a milestone in the company’s transition from traditional oil refining to renewable fuel production.The saga began when a July 2023 ruling found that the local environmental regulator, Contra Costa, initially approved the Rodeo Renewed plant in March 2022 based on incomplete ...

Phillips 66 (PSX) has gained 24.2% in the past year, outpacing the industry’s 3.4% improvement. What's Favoring the Stock?PSX has a diversified business model, with a significant presence in businesses related to refining midstream, chemicals and marketing & specialties. In each of its operations, Phillips 66 has a solid footprint pertaining to safety, profitability, size and competitive strengths.It is focusing more on businesses like midstream, renewables and chemicals, which makes the business model more ...

Oil energy companies will start reporting fourth-quarter earnings this week. As the oil pricing scenario was favorable, better-than-expected earnings are anticipated from energy majors like Exxon Mobil Corporation (XOM) . Additionally, a stable midstream business may have supported Phillips 66 (PSX) .Oil Price ImpressiveThe pricing scenario of oil was remarkable in the fourth quarter of 2023. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate spot crude pric ...