Core Viewpoint - Phillips 66 has declared a quarterly dividend of $1.05 per share, reflecting the company's commitment to returning value to shareholders [1]. Company Overview - Phillips 66 is a leading diversified and integrated downstream energy provider, involved in manufacturing, transporting, and marketing energy products that support the global economy [2]. - The company's operations encompass various sectors, including Midstream, Chemicals, Refining, and Marketing and Specialties [2]. - Headquartered in Houston, Phillips 66 employs a global workforce dedicated to providing energy safely and reliably while focusing on a lower-carbon future [2].

Core Viewpoint - Phillips 66 is transitioning its Rodeo refinery in California to a renewable fuel production hub, temporarily halting crude oil processing in February to facilitate this change [1][2][3]. Group 1: Transition Plans - The Rodeo refinery is currently processing 115,000 barrels per day (bbl/d) and aims to produce over 50,000 bbl/d of renewable diesel by the end of the second quarter [3]. - The transition includes the operation of a converted hydrocracker expected to start in March, reaching around 50% capacity shortly thereafter [2]. - Completion of a pre-treatment unit (PTU) and a second hydrocracker is anticipated in April, with commissioning extending into May [2]. Group 2: Focus on Lower Carbon Feedstocks - Following the successful operation of the PTU, Phillips 66 plans to shift its processing focus to lower carbon intensity feedstocks, such as fats, greases, and tallows, starting in late Q2 and continuing into Q3 [2].

Phillips 66 (NYSE:PSX) Q4 2023 Earnings Conference Call January 31, 2024 12:00 PM ET Company Participants Jeff Dietert - Vice President, Investor Relations Mark Lashier - President and CEO Kevin Mitchell - Chief Financial Officer Tim Roberts - Midstream and Chemicals Rich Harbison - Refining Brian Mandell - Marketing and Commercial Conference Call Participants Ryan Todd - Piper Sandler Manav Gupta - UBS Doug Leggate - Bank of America John Royall - JPMorgan Paul Cheng - Scotiabank Matthew Blair - Tudor, Pick ...

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].

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 ...