Phillips 66 (PSX) Q1 Earnings Miss, Revenues Increase Y/Y

Core Viewpoint - Phillips 66 reported first-quarter 2024 adjusted earnings of $1.90 per share, missing the Zacks Consensus Estimate of $2.05, and significantly lower than the previous year's $4.21 [1] - Total quarterly revenues reached $36.4 billion, exceeding the Zacks Consensus Estimate of $31 billion and improving from $35.1 billion in the same quarter last year [1] Segmental Results Midstream - Adjusted pre-tax quarterly earnings were $613 million, down from $678 million year-over-year, but exceeded the estimate of $577.6 million [2] - The decline was mainly due to reduced throughput and deficiency revenues, partially offset by lower maintenance costs [2] Chemicals - Adjusted pre-tax earnings increased to $205 million from $198 million in the prior-year quarter, surpassing the estimate of $127 million [3] - The profit rise was driven by increased margins in polyethylene, higher sales prices, and decreased feedstock costs [3] Refining - Adjusted pre-tax earnings fell to $228 million from $1.6 billion year-over-year, missing the projection of $1.1 billion [4] - Realized refining margins worldwide dropped to $10.91 per barrel from $20.72, with declines noted in all regions including the Central Corridor and Gulf Coast [4] Marketing & Specialties - Pre-tax earnings decreased to $345 million from $426 million in the year-ago quarter, falling short of the projection of $546 million [5] - Realized marketing fuel margins in the U.S. declined to $1.60 per barrel from $2.30, while international margins increased to $6.92 from $6.45 [5] Costs & Expenses - Total costs and expenses rose to $35.5 billion from $32.4 billion in the previous year, which was below the projected $38.4 billion [6] Financial Condition - Net cash from operations was $236 million, significantly down from $1.2 billion a year ago [7] - Capital expenditures totaled $628 million, and dividends paid amounted to $448 million [8] - As of March 31, 2024, cash and cash equivalents were $1.6 billion, with total debt at $20.2 billion, reflecting a debt-to-capitalization ratio of 40% [8]