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].

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Phillips 66 due to lower revenues, with a consensus EPS estimate of $2.41, reflecting a -39.8% change [2][5]. Earnings Expectations - Revenues for Phillips 66 are expected to be $34.3 billion, down 16.1% from the previous year [2]. - The consensus EPS estimate has been revised 3.37% lower in the last 30 days, indicating a reassessment by analysts [2]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate for Phillips 66 matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [5]. - The stock holds a Zacks Rank of 3, making it challenging to predict an earnings beat [6]. Historical Performance - In the last reported quarter, Phillips 66 had an expected EPS of $4.78 but reported $4.63, resulting in a surprise of -3.14% [7]. - Over the last four quarters, the company has beaten consensus EPS estimates two times [7]. Industry Comparison - In the same industry, Marathon Petroleum is expected to post earnings of $2.36 per share, indicating a -64.5% year-over-year change, with revenues expected at $33.73 billion, down 15.9% [9]. - Marathon Petroleum has a higher Earnings ESP of 2.21% and has beaten consensus EPS estimates in the last four quarters [9].

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 ...

Core Insights - Phillips 66 is set to launch its Rodeo Renewed plant, a significant renewable diesel facility in Rodeo, CA, marking a transition from traditional oil refining to renewable fuel production [1][3] - The project has successfully passed a new environmental review, despite previous challenges related to environmental compliance [1][2] - Upon completion, the Rodeo Renewed plant will be the world's largest renewable fuel production facility, expected to reduce greenhouse gas emissions by 50% [3] Environmental Review and Approval - The recent environmental review acknowledged eight significant and unavoidable impacts on air quality, hazardous materials, and water quality, but confirmed that all feasible mitigation measures were implemented by Phillips 66 [2] - The Contra Costa County board of supervisors determined that the project's benefits, including contributions to renewable energy and lower-carbon solutions, outweigh the identified environmental impacts [2] Industry Trends and Company Strategy - The Rodeo Renewed project reflects broader industry trends towards renewable energy sources and growing environmental consciousness in fuel production [3] - Phillips 66's initiative is a response to regulatory pressures and market trends favoring renewable energy, highlighting the complexities of transitioning from fossil fuels to renewable sources [3]

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 ...

Mailson Pignata Phillips 66 (NYSE:PSX) has seen a solid run up in share price thanks to the activity spurred on by the activist investor Elliott Investment Management. In a letter to the board, Elliott implied that PSX's refining assets can be run more effectively to drive costs out of the business. Elliott directly sited the growing gap in operating costs per barrel between PSX and peers Marathon and Valero. The stock saw a 5% jump on the day of this announcement, adding to the 40% price appreciation s ...

Phillips 66 (PSX) , a prominent U.S. refiner and petrochemical manufacturer, is actively engaged in discussions regarding the sale of its non-core assets.The announcement came during an energy conference, wherein chief executive Mark Lashier highlighted the company’s plan to monetize $3 billion in non-core assets in 2024, as part of a strategy to enhance returns by cutting costs and divesting non-essential holdings.While the company has set a goal to monetize these assets this year, there is no fixed timeli ...