1 Lake James Gas Plant GOLDSMITH, TX Cautionary Statement This presentation contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66's operations, strategy and performance. Words such as "anticipated," "commitments," "estimated," "expected," "planned," "scheduled," "targeted," "believe," "continue," "intend," "will," "would," "objective," "goal," "project," "efforts," "strategies" and similar expressions that convey the prospective nature of events or out ...

Phillips 66 (PSX) reported fourth-quarter 2024 adjusted loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 20 cents. The bottom line declined from the year-ago quarter’s earnings of $3.09.Total quarterly revenues of $34 billion beat the Zacks Consensus Estimate of $32 billion. However, the top line declined from the year-ago level of $38.7 billion.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The better-than-expected quarterly results can be primaril ...

Phillips 66 delivered a substantial miss on earnings due to changing market conditions and strategic shifts.Phillips 66 (PSX -1.15%), an energy company with a focus on the refining, midstream, and chemical sectors, released its fourth-quarter earnings results on Jan. 31. The company reported an adjusted loss per share of $0.15, significantly missing analysts' consensus expectation for a $0.03 loss. GAAP earnings for the quarter were $8 million, while on an adjusted basis, the company lost $61 million. Reven ...

Exhibit 99.2 | | | | | | | Millions of Dollars, Except as Indicated | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024 | | | | | 2023 | | | | | 1st | 2nd | 3rd | 4th | | 1st | 2nd | 3rd | 4th | | | Revenues and | Qtr | Qtr | Qtr | Qtr | YTD | Qtr | Qtr | Qtr | Qtr | YTD | | Other Income | | | | | | | | | | | | Sales and other | | | | | | | | | | | | operating | | | | | | | | | | | | revenues | 35,811 | 38,129 | 35,528 | 33,685 | 143,153 | 34,396 | 35,090 | 39,643 | 38 ...

Phillips 66 (PSX) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to earnings of $3.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this oil refiner would post earnings of $1.63 per share when it actually produced earnings of $2.04, delivering a surprise of 25.15%.Over the last four quarters, the company has surp ...

Phillips 66 PSX will release its fourth-quarter financial results, before the opening bell, on Friday, Jan. 31, 2025.Analysts expect the Houston, Texas-based company to report a quarterly loss at 23 cents per share, versus year-ago earnings of $3.09 per share. Phillips 66 projects quarterly revenue of $32.24 billion, compared to $38.74 billion a year earlier, according to data from Benzinga Pro.On Jan. 6, the company disclosed a definitive deal to acquire EPIC Y-Grade, LP's natural gas liquids (NGL) busines ...

Core Viewpoint - Phillips 66 (PSX) is expected to report a significant decline in fourth-quarter earnings for 2024, with estimates suggesting a 94.5% drop compared to the previous year, primarily due to challenges in refining margins and fluctuating crude oil prices [3][4]. Group 1: Earnings Performance - In the last reported quarter, PSX's earnings were $2.04 per share, surpassing the Zacks Consensus Estimate of $1.63, attributed to cost reductions and achieving Midstream synergy targets [2]. - PSX has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 14.29% [3]. - The Zacks Consensus Estimate for fourth-quarter earnings per share is $0.17, reflecting a significant decline from the previous year's figure [3]. Group 2: Revenue Expectations - The Zacks Consensus Estimate for revenues in the fourth quarter is $32.25 billion, indicating a 16.8% decrease from the year-ago reported figure [4]. Group 3: Market Conditions - Demand for gasoline in the U.S. remained resilient during the fourth quarter, which may have helped stabilize performance despite global challenges such as regional supply imbalances [5]. - A decline in refining margins is evident, with EIA data showing softer gasoline and distillate crack spreads, which could negatively impact PSX's refining business [6]. - The average spot price for West Texas Intermediate crude was $71.99 per barrel in October 2024, down from $85.64 in the same period of 2023, which may affect revenues across PSX's diverse portfolio [7]. Group 4: Margin Pressures - Volatility in natural gas prices could have squeezed margins, particularly if the company faced higher energy costs without sufficient pricing power in the downstream market [8]. - Adjusted pre-tax income from the refining business is predicted to decline nearly 95% year over year in the fourth quarter [8]. Group 5: Earnings Outlook - The current model does not indicate an earnings beat for PSX, with an Earnings ESP of -95.22% and a Zacks Rank of 3 [9].

Company Performance - Phillips 66's stock closed at $121.86, reflecting a -0.62% change from the previous trading day, underperforming the S&P 500's daily loss of 0.29% [1] - Over the past month, shares of Phillips 66 gained 9.29%, outperforming the Oils-Energy sector, which saw a loss of 1.71%, and the S&P 500, which gained 2.52% [1] Upcoming Earnings - The company's earnings report is scheduled for January 31, 2025, with an anticipated EPS of $0.17, representing a 94.5% decline compared to the same quarter last year [2] - Revenue is projected at $32.25 billion, reflecting a 16.75% decrease from the equivalent quarter last year [2] Analyst Estimates - Recent changes to analyst estimates for Phillips 66 indicate shifting short-term business dynamics, with positive alterations suggesting analyst optimism regarding the company's profitability [3] - The Zacks Consensus EPS estimate has decreased by 12.99% over the past month, and Phillips 66 currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - Phillips 66 is trading at a Forward P/E ratio of 15.64, which is below the industry average Forward P/E of 16.98 [6] - The company has a PEG ratio of 3.91, compared to the average PEG ratio of 2.93 for the Oil and Gas - Refining and Marketing industry [7] Industry Context - The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector and holds a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [8]

Industry and Investment Strategy - The analyst leverages professional expertise in the nuclear power and energy industries to evaluate long-term investment opportunities in equities and rental real estate properties [1] - The focus is on income-producing equities and real estate for cash flow and long-term appreciation [1] - Articles aim to present the underlying fundamentals and long-term potential of each equity or business [1] Market Timing and Cyclical Opportunities - The bottom of a cyclical business cycle presents an opportune time for long-term investors to accumulate a company's stock [4] - This period allows investors to capture underlying value that is not yet appreciated by the market [4]

Capital Budget Overview - Phillips 66 has announced a 2025 capital budget of $2.1 billion, focusing on sustaining capital and growth investments, with $998 million for sustaining capital and $1.1 billion for growth initiatives [1] - The total capital program, including joint venture investments, is projected to reach $3 billion, indicating a commitment to strategic growth and operational optimization [12] Refining Division Investments - The company has allocated $822 million to its Refining division, with $414 million for sustaining capital and $408 million for growth capital aimed at enhancing refining competitiveness through high-return, low-capital projects [2] Midstream Segment Investments - A significant portion of the capital budget, $975 million, is dedicated to the Midstream segment, with $429 million for sustaining projects and $546 million for growth projects, focusing on increasing gas processing capacity [6] Joint Ventures and Capital Spending - Phillips 66's share of capital spending by joint ventures, including Chevron Phillips Chemical Company and WRB Refining LP, is expected to total $877 million, with CPChem's growth capital supporting the construction of petrochemical facilities [3] Corporate and Other Allocations - The Corporate and Other capital allocation will prioritize information technology projects to enhance internal capabilities [7] Strategic Focus and Leadership - Mark Lashier, chairman and CEO, emphasized the company's focus on capital discipline and alignment of investments with strategic priorities to deliver shareholder value [10] Marketing and Renewable Fuels Investments - Continued investments in the branded network and further investments at the Rodeo Renewable Energy Complex for renewable diesel and sustainable aviation fuel production are planned [11]