Phillips 66(US:PSX)2025-01-31 20:03Financial Performance & Strategic Achievements - Phillips 66 achieved $13.6 billion in shareholder distributions since July 2022, meeting its $13 billion to $15 billion target by year-end 2024[7] - The company captured $500 million of run-rate synergies from the DCP integration and a $1.5 billion mid-cycle adjusted EBITDA uplift from DCP transactions including synergies[7] - Business transformation initiatives yielded $1.5 billion in run-rate savings, including $1.2 billion in cost reductions and $0.3 billion in sustaining capital efficiencies[7] - Phillips 66 exceeded its non-core asset disposition target, announcing $3.5 billion in proceeds from various sales[7, 8] - For 4Q 2024, Phillips 66 reported earnings of $8 million, an adjusted loss of $61 million, and an adjusted loss per share of $0.15[17] Operational Performance - Refining operations achieved a $1/bbl cost reduction compared to 2022 and maintained eight straight quarters of crude utilization above the industry average, with a record annual clean product yield of 87%[7] - Midstream Adjusted EBITDA grew, driven by record NGL fractionation and LPG export volumes[19] - Refining adjusted controllable costs were ~$5.50 per barrel[15] - Refining market capture was 105% in 4Q 2024[19, 41] Financial Position & Outlook - The company maintained a 39% net debt-to-capital ratio[7, 17] - Phillips 66 anticipates a refining crude utilization in the low 80% range for 1Q 2025, with refining turnaround expenses estimated between $290 million and $310 million[24]