Phillips 66(PSX) - 2024 Q1 - Earnings Call Presentation

Financial Performance - Adjusted earnings were $822 million[31], resulting in adjusted earnings per share (EPS) of $1.90[31] - Operating cash flow, excluding working capital, reached $1.211 billion[31] - Shareholder distributions totaled $1.612 billion[31] - Adjusted EBITDA in 1Q 2024 was $1.9 billion[50] Strategic Initiatives - Commenced operations at Rodeo Renewable Energy Complex[26, 50] - The company is on track to realize $1 billion in controllable cost reductions in 2024[29] - Achieved $250 million run-rate synergies from DCP Midstream as of March 31[50] - Realized $1.24 billion run-rate business transformation savings as of March 31[50] Refining Operations - Refining crude utilization was in the mid-90% range[45] - Refining turnaround expense is estimated between $100 million and $120 million[45] - The company achieved above-industry-average crude utilization for five consecutive quarters[50]