Financial Performance - Total revenues for 2025 reached $31,726 million, compared to $36,436 million in 2024, reflecting a decrease of approximately 12.5% year-over-year[2] - Net income attributable to Phillips 66 for 2025 was $487 million, down from $748 million in 2024, representing a decline of about 34.8%[4] - The company reported a basic earnings per share of $1.19 for the first quarter of 2025, compared to $1.74 in the same quarter of 2024, indicating a decrease of approximately 31.6%[3] - Adjusted net income for 2025 was $882 million, down from $1,176 million in 2024, indicating a decline of approximately 25.0%[7] - Adjusted Net Income attributable to Phillips 66 was a loss of $368 million in 2025, compared to a profit of $2,604 million in 2024[8] - The company reported a diluted loss per share of $0.90 in 2025, down from a profit of $6.15 in 2024[8] - Net income for 2025 1st quarter was $526 million, compared to $2,175 million year-to-date for 2024[17] - Net income for 2025 YTD reached $1,726 million, compared to $1,770 million for the same period in 2024, reflecting a decrease of 2.5%[29] - The company reported a total loss before income taxes of $937 million for 2025, compared to a loss of $365 million for the full year 2024[32] Operating Expenses - Operating expenses for 2025 totaled $1,622 million, an increase from $1,452 million in 2024, marking an increase of about 11.7%[2] - The company’s total costs and expenses for 2025 were $31,078 million, compared to $35,472 million in 2024, a decrease of about 12.5%[2] - Total operating and SG&A expenses for 2025 Q1 were $511 million, a slight increase from $568 million in 2024 Q4, showing a decrease of 10%[22] - Operating and SG&A expenses totaled $1,120 million in 2025, an increase from $991 million in 2024[33] Segment Performance - The refining segment reported a loss of $937 million in the first quarter of 2025, compared to a profit of $216 million in the second quarter of 2024[5] - Midstream income for 2025 was $751 million, up from $554 million in 2024, reflecting an increase of approximately 35.6%[5] - The Chemicals segment reported an Adjusted EBITDA of $1,348 million for 2025, with Q4 contributing $348 million[10] - The Refining segment experienced a loss of $966 million in Adjusted EBITDA for 2025, with Q1 showing a loss of $452 million[10] - Marketing and Specialties segment generated an Adjusted EBITDA of $1,824 million in 2025, with Q4 contributing $484 million[10] Capital Expenditures - Consolidated capital expenditures and investments for 2025 1st quarter totaled $423 million, with a year-to-date total of $1,859 million for 2024[20] - The company’s capital expenditures for growth in 2025 1st quarter were $229 million, while sustaining expenditures were $194 million[20] - Capital expenditures and investments for 2025 YTD totaled $1,617 million, a decrease from $1,646 million in 2024 YTD[29] Taxation - The effective tax rate for the first quarter of 2025 was 18.8%, consistent with the same rate in the first quarter of 2024[3] - The income tax expense for Q1 2025 is $122 million, with a total of $500 million for the full year 2024[60] - The adjusted effective tax rate for the full year 2024 is 20.5%, reflecting the overall tax strategy[60] Market Strategy - The company plans to focus on market expansion and new technology development to enhance future performance[6] - The company plans to enhance market expansion strategies and invest in new technologies to improve operational efficiency[39] Asset Dispositions - The company recognized impairments totaling $346 million in the Midstream segment for 2024[12] - The net gain on asset disposition in the Marketing and Specialties segment was $1,017 million in 2025[12] - The company reported a net gain on asset disposition of $(68) million in 2025 Q1, compared to $(238) million in 2024 Q3, indicating a reduction in losses[25] - The company recorded a net gain on asset disposition of $(1,085) million in Q1 2025, impacting overall financial performance[47] Market Conditions - The realized refining margin for the Atlantic Basin/Europe was $7.08 per barrel in 2025, down from $7.42 per barrel in 2024[32] - Worldwide refining margins averaged $6.81 per barrel in 2025, down from $8.84 per barrel in 2024[32] - The weighted-average NGL price in 2025 Q1 was $0.74 per gallon, up from $0.68 per gallon in 2024 Q4, indicating an increase of 8.8%[22] - Henry Hub natural gas price in 2025 Q1 was $4.27 per MMBtu, significantly higher than $2.24 per MMBtu in 2024 Q4, marking an increase of 90.5%[22] - WTI price in 2025 Q1 was $71.46 per BBL, a decrease from $75.83 per BBL in 2024 Q4, reflecting a decline of 5.0%[22] Debt and Equity - Total Debt as of Q1 2025 was $18,803 million, down from $20,154 million in Q4 2024[46] - Total Equity as of Q1 2025 was $28,353 million, a decrease from $30,794 million in Q4 2024[46] - Debt-to-Capital Ratio remained stable at 40% in Q1 2025[46] Special Items - Total special items (pre-tax) amounted to $1,064 million in 2025, compared to a loss of $710 million in 2024[12] - The special items impacted the income (loss) before income taxes significantly, with $(1,064) million in Q1 2025[60]

Core Viewpoint - Phillips66 reported a significant loss in Q1 2025, with adjusted earnings per share of -$0.90, exceeding analyst expectations of -$0.72, highlighting severe challenges in the refining sector [1] Financial Performance - The refining segment posted a net loss of $937 million, contrasting sharply with a profit of $216 million in the same period last year [1] - Refining profit margins plummeted by 38% year-over-year to $6.81 per barrel, while turnaround costs surged over twofold to $270 million [1] Operational Challenges - Seasonal maintenance led to a decline in capacity utilization from 92% in the previous year to 80% [1] - The CEO acknowledged that this was one of the largest spring maintenance periods in the company's history, indicating inevitable short-term performance pressure [2] Industry Context - Competitor Valero Energy also reported quarterly losses due to declining refining margins, reflecting a broader industry struggle [1] - Concerns are rising regarding potential tariffs and trade war escalations under the Trump administration, which could further suppress demand for gasoline and aviation fuels [1] Strategic Considerations - Following maintenance, the CEO expressed optimism for a rebound in profit margins [2] - The company is facing a board seat contest from activist investor Elliott Management, which advocates for the separation of refining and midstream operations to unlock value, while management emphasizes the risk mitigation benefits of a full value chain approach [2] - The traditional refining sector is grappling with dual challenges of short-term maintenance and cost inflation, alongside long-term pressures for low-carbon transitions and the search for new growth opportunities [2]

分组1 - Phillips 66 reported a quarterly loss of $0.90 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.77, and a significant decline from earnings of $1.90 per share a year ago, indicating an earnings surprise of -16.88% [1] - The company posted revenues of $31.73 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.49%, but down from $36.44 billion in the same quarter last year [2] - Over the last four quarters, Phillips 66 has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed, losing about 8.1% since the beginning of the year, compared to a decline of -6.8% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $2.15 on revenues of $31.81 billion, and for the current fiscal year, it is $4.80 on revenues of $125.7 billion [7] - The Zacks Industry Rank for Oil and Gas - Refining and Marketing is in the top 37% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

The upcoming report from Phillips 66 (PSX) is expected to reveal quarterly loss of $0.60 per share, indicating a decline of 131.6% compared to the year-ago period. Analysts forecast revenues of $30.65 billion, representing a decrease of 15.9% year over year. The consensus EPS estimate for the quarter has undergone an upward revision of 1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe ...

Core Viewpoint - Phillips 66 (PSX) is expected to report first-quarter 2025 earnings on April 25, with factors influencing performance including gasoline demand, refining margins, and crude oil prices [1][4][5]. Group 1: Previous Quarter Performance - In the last reported quarter, PSX had an adjusted loss of 15 cents per share, which was better than the Zacks Consensus Estimate of a loss of 20 cents, attributed to higher renewable fuel margins and reduced costs [2]. - PSX has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 12.95% [2]. Group 2: Earnings Estimates - The Zacks Consensus Estimate for first-quarter earnings per share is 42 cents, reflecting a decline of 77.9% from the same quarter last year [3]. - The estimated revenue for the first quarter is $30.67 billion, indicating a 15.8% decrease from the previous year [3]. Group 3: Market Factors - Demand for gasoline in the U.S. remained resilient, but global challenges such as regional supply imbalances and demand fluctuations may have impacted performance [4]. - A decline in refining margins, as indicated by EIA data showing softer gasoline and distillate crack spreads, could pressure PSX's refining business [5]. - The average spot price for West Texas Intermediate crude was $68.24 per barrel in March 2025, down from $81.28 in March 2024, which may affect revenues in PSX's Midstream and Marketing segments [6]. - Volatility in natural gas prices could squeeze margins if energy costs rise without sufficient pricing power in the downstream market [7]. Group 4: Earnings Whispers - Current analysis does not indicate an earnings beat for PSX, with an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [8].

Core Viewpoint - Elliott Investment Management is advocating for the reevaluation of Phillips 66's asset management to unlock their full value, emphasizing the need for strategic clarity regarding the company's operations and structure [1][6]. Group 1: Elliott's Campaign and Podcast - Elliott Investment Management has launched the "Streamline 66" campaign, which includes a podcast series featuring discussions with director nominees and industry experts [1][2]. - The latest podcast episode features Sigmund Cornelius, former CFO of ConocoPhillips, who highlights his experience in enhancing shareholder value through divestiture and simplification [2]. Group 2: Proxy Solicitation and Board Nominees - Elliott has filed a definitive proxy statement with the SEC to solicit votes for its four director nominees for the Phillips 66 Board, aiming to influence the company's strategic direction [4]. - Stockholders are encouraged to review the proxy materials for important information regarding the election and the nominees [4]. Group 3: Company Asset Evaluation - There is a belief that Phillips 66 possesses valuable assets that are currently underappreciated due to the market's confusion over the company's identity as a refining, marketing, or midstream entity [6]. - The historical context of splitting ConocoPhillips is referenced as a precedent for potentially separating Phillips 66's operations to better allocate capital and enhance valuation [6].

Discussion Covers Elliott's Engagement with Phillips 66 and the Path to Unlocking Significant Value at the CompanyVisit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 17, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released the third episode of the Streamline 66 Po ...

Third-Party Findings Are Based on Feedback From Phillips 66 Investors Representing More Than 60% of the Company's Institutional Shares Outstanding Shareholders Do Not Believe the Company's Strategy or Conglomerate Structure Make Sense WEST PALM BEACH, Fla., April 16, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released findings from a recent Elliott-commissio ...

Episode with Ms. Nieuwoudt, Former Energy and Industrials Analyst at Citadel, Features Discussion on the Value of Bringing an Investor Mindset and Her Deep Industry Expertise to the Boardroom Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the Podcast WEST PALM BEACH, Fla., April 15, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Philli ...

Core Viewpoint - Elliott Investment Management is seeking strategic, operational, and governance improvements at Phillips 66, supported by former Andeavor CEO Gregory Goff, to enhance shareholder value [1][3]. Group 1: Elliott's Campaign and Support - Elliott Investment Management is a top-five shareholder in Phillips 66 and has launched the "Streamline 66" campaign to boost shareholder value [1]. - Gregory Goff, with over 40 years of experience in the energy sector, including significant roles at ConocoPhillips and Andeavor, is supporting Elliott's efforts [2]. - Goff's leadership at Andeavor resulted in a remarkable 1,200% increase in shareholder returns, showcasing his capability in financial and operational transformations [2]. Group 2: Strategic Vision for Phillips 66 - Both Elliott and Goff believe that with necessary improvements, Phillips 66 can become a stronger and more valuable company for employees and investors [3]. - Elliott has filed a definitive proxy statement with the SEC to solicit proxies for the election of its director candidates at the upcoming 2025 annual meeting [4]. Group 3: Background on Elliott - Elliott Investment Management manages approximately $72.7 billion in assets as of December 31, 2024, and has a diverse investor base including pension plans and sovereign wealth funds [5].