Financial Performance - In Q3 2024, Phillips 66 reported earnings of $346 million, a significant decrease from $2.1 billion in Q3 2023[165] - Cash generated from operating activities was $3 billion for the first nine months of 2024, down from $4.8 billion in the same period of 2023, primarily due to lower earnings[230] - The company reported an income before income taxes of $410 million for the nine months ended September 30, 2024[305] - For the three months ended September 30, 2024, the U.S. income (loss) before income taxes was $(262) million, compared to $435 million for the same period in 2023[310] - For the nine months ended September 30, 2024, the U.S. income before income taxes was $203 million, a decrease from $978 million in the same period in 2023[312] - Net income for the Obligor Group for the nine months ended September 30, 2024, was $189 million[297] Segment Performance - The Midstream segment reported income before income taxes of $644 million, down from $724 million in Q3 2023[181] - The Chemicals segment saw a substantial increase in income before income taxes to $342 million, compared to $104 million in Q3 2023[181] - The Refining segment experienced a loss of $108 million, a decline from a profit of $1.7 billion in Q3 2023, primarily due to lower market crack spreads[181] - Transportation business results decreased by $132 million (38.5%) for the three months ended September 30, 2024, but increased by $69 million (5.5%) for the nine months ended September 30, 2024[198] - NGL business results increased by $52 million (8.5%) for the three months ended September 30, 2024, but decreased by $164 million (17.8%) for the nine months ended September 30, 2024[200] - Chemicals segment results increased by $238 million (12.5%) and $275 million (10.5%) for the three and nine months ended September 30, 2024, respectively, due to improved margins and increased volumes[205] - Refining segment results decreased by $1,820 million (106.3%) and $4,071 million (91%) for the three and nine months ended September 30, 2024, respectively, primarily due to lower realized margins[211] Market Conditions - The composite 3:2:1 market crack spread averaged $16.50 per barrel in Q3 2024, down from $36.06 per barrel in Q3 2023[176] - The average U.S. wholesale price for gasoline was $2.69 per gallon for the three months ended September 30, 2024, compared to $3.25 in 2023[215] - The company anticipates potential fluctuations in market conditions and demand impacting prices and margins in the future[315] Capital Expenditures and Investments - Cash provided by operating activities was $1.1 billion, with capital expenditures and investments totaling $358 million[165] - Total capital expenditures and investments for the first nine months of 2024 amounted to $1.353 billion, a decrease from $1.521 billion in the same period of 2023[272] - Capital spending in the Midstream segment included funding for natural gas gathering and processing operations in the Permian Basin and expansion of gathering systems in the DJ Basin and Permian Basin[273] - CPChem's capital expenditures and investments were $1.2 billion for the first nine months of 2024, primarily for petrochemical projects on the U.S. Gulf Coast and in the Middle East[274] - Capital spending for the Refining segment focused on enhancing the yield of higher-value products and sustaining facility reliability, including installation of facilities to improve market capture[275] - Renewable Fuels segment capital spending was related to constructing facilities for renewable fuel production[278] Debt and Financial Position - Total debt increased to $19.998 billion as of September 30, 2024, compared to $19.359 billion at the end of 2023[229] - Cash and cash equivalents decreased to $1.637 billion as of September 30, 2024, from $3.323 billion at the end of 2023[229] - At September 30, 2024, total debt was $20 billion, with a total debt-to-capital ratio of 40%[265] - The company issued $1.8 billion in senior unsecured notes on September 9, 2024, with various maturities and interest rates[234] - Long-term debt rose from $13,459 million to $14,960 million, reflecting an increase of approximately 11.1%[298] - Total equity shifted from $2,874 million to a negative $3,362 million, indicating a significant decline in equity position[298] Shareholder Returns - The company completed the acquisition of Pinnacle Midstream for $567 million and repurchased $800 million of common stock[165] - Phillips 66 has distributed $12.5 billion through share repurchases and dividends since July 2022, on track to reach a target of $13 billion to $15 billion by year-end 2024[167] - The company repurchased $2.8 billion of its common stock and paid $1.4 billion in dividends during the first nine months of 2024[229] - A quarterly cash dividend of $1.15 per common share was declared on July 10, 2024, and again on October 11, 2024[269] Operational Statistics - Worldwide refining crude oil capacity utilization rate was 94% and 95% for the three and nine months ended September 30, 2024, compared to 95% and 93% for the same periods in 2023[212] - Operating statistics for the Central Corridor showed a capacity utilization of 100% for the three months ended September 30, 2024[210] - Total fuel sales volumes for the U.S. reached 182,823 thousand barrels, an increase from 179,432 thousand barrels in the previous year[310] - Total fuel sales volumes for the U.S. in the nine months reached 550,490 thousand barrels, compared to 508,443 thousand barrels in the previous year[312] Legal and Regulatory Matters - M&S segment sales decreased by $627 million and $742 million for the three and nine months ended September 30, 2024, primarily due to a $605 million litigation accrual related to Propel Fuels[217] - The company reported a legal settlement expense of $(59) million for the nine months ended September 30, 2024[312]

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining more than 150 points on Tuesday. The Dow traded down 0.11% to 42,341.64 while the NASDAQ rose 0.85% to 18,724.32. The S&P 500 also rose, gaining, 0.35% to 5,843.93. Check This Out: Jim Cramer: 'Avoid' This Consumer Cyclical Stock, Buy Lam Research Leading and Lagging Sectors Communication services shares rose by 1.5% on Tuesday. In trading on Tuesday, utilities shares fell by 1.8%. Top Headline Phillips 66 PSX shar ...

Phillips 66 (PSX) reported third-quarter 2024 adjusted earnings of $2.04 per share, which beat the Zacks Consensus Estimate of $1.63. However, the bottom line was lower than the year-ago quarter's level of $4.63. Total quarterly revenues of $36.4 billion beat the Zacks Consensus Estimate of $32 billion. However, the top line declined from the year-ago level of $40.3 billion. The better-than-expected quarterly results can be primarily attributed to cost reduction and the achievement of Midstream synergy targ ...

Exhibit 99.2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-----------|-------------|------------------------------|----------------------------------------|--------------------------------------|------------------------------------------------|--------------------------|-------------|-------------|-------------| | https://fi | 1st | 2nd | Phillips 66 \n2024 \n3rd | Earnings CONSOLIDATED \nMillions \n4th | Release INCOME \n of Dol ...

Phillips 66 (PSX) is set to report third-quarter 2024 earnings on Oct. 29, before the opening bell.Let us delve into the factors that are likely to have affected this diversified energy player’s quarterly performance. However, before that, it would be worth reviewing PSX’s performance in the previous quarter.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Highlights of Q2 Earnings & Surprise HistoryIn the last reported quarter, the company’s earnings of $2.31 per share beat the Zacks ...

A financial researcher and avid investor with a keen eye for innovation and disruption, as well as growth buy-outs and value stocks. Keeping an eye on the pace of high tech and early growth companies, I write about current events and the biggest news surrounding the industry, and strive to provide readers with ample research and investment opportunities.Analyst’s Disclosure: I/we have a beneficial long position in the shares of PSX either through stock ownership, options, or other derivatives. I wrote this ...

Sign at 76 gas station in Lafayette, California, showing high gas prices, February 26, 2018. Parent ... [+] company Phillips 66 ranked number 34 on the 2017 Fortune 500 list. (Photo by Smith Collection/Gado/Getty Images)Getty ImagesLast week’s oil-price drop has set us up to buy some top-flight energy dividends on the cheap. We’re going to grab one with a “hidden” 10.3% yield in just a moment.First, this buy window goes well beyond a dip in the price of the goo. Fact is, oil dropped because things calmed (s ...

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 September 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 October 29, 2024, might help the stock move higher if these key numbers a ...

Phillips 66 (PSX) ), a leading energy company, has announced the closure of its Los Angeles oil refinery by the end of 2025, mentioning "long-term uncertainty" as a key factor behind the decision.The announcement came just two days after California Governor Gavin Newsom signed a new law that could impose further regulatory requirements on the state’s refiners, including mandates for fuel storage and transparency in resupply and maintenance plans. This Los Angeles facility accounts for approximately 8% of th ...

Phillips 66 (PSX) has announced the sale of 49% of its non-operated equity interest in Coop Mineraloel AG as part of its commitment to deliver $3 billion in asset divestitures in 2024. The company is set to sell its equity interest to its Swiss joint venture partner. Coop Mineraloel owns 324 retail sites and petrol stations in Switzerland.Details of the DealThe total consideration for the deal is 1.06 billion Swiss Francs (approximately $1.24 billion). PSX will receive 1 billion Swiss Francs (approximately ...