Phillips 66(US:PSX)2025-04-28 11:15Financial Performance - Phillips 66 reported a first-quarter 2025 adjusted loss of $368 million, or $090 per share, based on 409 million adjusted weighted-average diluted shares[24, 26, 57] - The company's operating cash flow for the first quarter of 2025 was $187 million[24] - Shareholder distributions totaled $716 million, and capital expenditures and investments amounted to $423 million[25] - Net debt-to-capital ratio stood at 38%[25, 61] Segment Performance (Adjusted Earnings) - Midstream segment earned $683 million, a decrease of $25 million compared to the fourth quarter of 2024[27] - Chemicals segment earned $113 million, an increase of $41 million from the previous quarter[27] - Refining segment incurred a loss of $937 million, which is $178 million lower than the loss in the fourth quarter of 2024[27] - Marketing and Specialties segment earned $265 million, an increase of $80 million compared to the previous quarter[27] - Renewable Fuels segment reported a loss of $185 million, a decrease of $213 million from the fourth quarter of 2024[27] - Corporate and Other segment had a loss of $355 million, which is $61 million lower than the loss in the previous quarter[27] Refining Margins - The worldwide realized refining margin was $681 per barrel in the first quarter of 2025[50, 55] - Refining crude utilization is expected to be in the mid-90% range for the second quarter of 2025[32] Outlook - Global Olefins & Polyolefins utilization is expected to be in the mid-90% range for the second quarter of 2025[32] - Refining turnaround expense is projected to be between $65 million and $75 million for the second quarter of 2025[32] - Corporate & Other costs are estimated to be between $340 million and $360 million for the second quarter of 2025[32]