Philip 66 out with quarterly results. Earnings came in at $2.50% a 52 cents a share. That was much better than the $2.17% that the street had been expecting.Company operating at 99% capacity utilization and refining during the quarter and it generated $1.2% billion of net operating cash flow. Joining us right now to talk about the results is Mark Laser. He is Philip 66 chairman and CEO.And Mark, thanks for being here today. It looks like the stock is up by about half percent on this news. These numbers are ...

Core Insights - PBF Energy Inc. reported a second-quarter 2025 adjusted loss of $1.03 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.19, but wider than the loss of 56 cents per share from the previous year [1][8] - Total quarterly revenues decreased to $7.48 billion from $8.74 billion in the prior-year quarter, yet exceeded the Zacks Consensus Estimate of $6.79 billion [1][8] - The better-than-expected results were attributed to reduced costs and expenses, although this was partially offset by lower throughput volumes [2] Segmental Performance - The Refining segment reported an operating loss of $400.4 million, compared to an operating income of $107.7 million a year ago, falling short of the estimated operating income of $205.8 million [3] - The Logistics segment generated a profit of $107.7 million, up from $96.1 million in the prior-year quarter, surpassing the estimate of $53.6 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes totaled 839.1 thousand barrels per day (bpd), down from 921.3 thousand bpd a year ago, but above the estimate of 836.4 thousand bpd [4] - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions accounted for 35.7%, 19.3%, 20.7%, and 24.3% of total throughput volume, respectively [4] Margins - The company-wide gross refining margin per barrel of throughput was $8.38, higher than the previous year's $8.12 and exceeding the estimate of $7.74 [5][8] - The gross refining margin per barrel for the East Coast was $7.37, significantly up from $2.52 a year ago, while the Gulf Coast margin decreased to $7.35 from $8.66 [6] Costs & Expenses - Total costs and expenses for the quarter were $7.43 billion, down from $8.8 billion in the prior-year period, and slightly above the estimate of $7.37 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.53 billion, lower than $8.73 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy spent $144.5 million on capital for refining operations and $8.2 million on logistics [9] - At the end of the second quarter, the company had cash and cash equivalents of $591 million and total debt of $2.4 billion, resulting in a total debt-to-capitalization ratio of 30.2% [9] Outlook - For the third quarter of 2025, PBF Energy anticipates throughput volumes of 320,000 to 340,000 bpd on the East Coast, 150,000 to 160,000 bpd in the Mid-Continent, 175,000 to 185,000 bpd in the Gulf Coast, and 220,000 to 230,000 bpd on the West Coast [10]

Core Insights - PBF Energy Inc. reported a first-quarter 2025 adjusted loss of $3.09 per share, which was narrower than the Zacks Consensus Estimate of a loss of $3.50, but worse than the prior year's loss of $0.86 per share [1] - Total revenues for the quarter decreased to $7.07 billion from $8.65 billion year-over-year, yet exceeded the Zacks Consensus Estimate of $6.47 billion [1] - The better-than-expected earnings were attributed to reduced costs and expenses despite lower throughput volumes and declining refining margins [2][3] Financial Performance - The Refining segment reported an operating loss of $473.2 million, a significant decline from an operating income of $170.6 million in the previous year, falling short of the estimated operating income of $99.2 million [3] - The Logistics segment generated a profit of $51.4 million, up from $45.1 million in the prior-year quarter, surpassing the estimate of $45.5 million [3] Throughput Analysis - Crude oil and feedstock throughput volumes averaged 730.4 thousand barrels per day (bpd), down from 897.4 thousand bpd year-over-year and below the estimate of 770 thousand bpd [4] - The East Coast, Mid-Continent, Gulf Coast, and West Coast regions contributed 35.9%, 18.8%, 21.6%, and 23.7% respectively to total throughput volumes [4] Margins - The company-wide gross refining margin per barrel was $5.96, significantly lower than $11.73 in the previous year and below the estimate of $9.94 [5] - Regional margins included $5.86 for the East Coast (down from $7.72), $5.32 for the Gulf Coast (down from $12.36), and $6.76 and $6.05 for the Mid-Continent and West Coast respectively, compared to $18.15 and $13.15 a year ago [6] Costs & Expenses - Total costs and expenses for the quarter were $7.56 billion, down from $8.5 billion in the prior year, but higher than the estimate of $6.97 billion [7] - Cost of sales, including operating expenses and depreciation, amounted to $7.49 billion, lower than $8.43 billion a year ago [7] Capital Expenditure & Balance Sheet - PBF Energy invested $215.6 million in capital for refining operations and $2.4 million for logistics [8] - As of the end of the first quarter, the company had cash and cash equivalents of $0.47 billion and total debt of $2.24 billion, resulting in a total debt-to-capitalization ratio of 30% [8] Outlook - For the second quarter of 2025, PBF Energy expects throughput volumes of 265,000 to 285,000 bpd on the East Coast, 150,000 to 160,000 bpd in the Mid-Continent, 165,000 to 175,000 bpd in the Gulf Coast, and 215,000 to 235,000 bpd on the West Coast [9]