PSX
Phillips 66131.78
-9.73-6.88%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Refining ops detailed, costs on track
Q&A unpacked refining cost momentum, pegging Q4 adjusted controllable at $5.57/bbl despite headwinds, with LA idle delivering 30¢ tailwind and another 15¢ cut targeted for 2026 to hit $5.50. WRB boosted Canadian heavy exposure, worth $140M per $1 dip widening amid robust PAD II demand. Management revealed 25kb/d capacity gains across Billings, Bayway, and others, plus 250kb/d Venezuelan crude flexibility. Western Gateway drew strong open season commitments, extending to LA. Turnarounds stay light; macro outlook bullish on demand outpacing adds. Operations hummed confidently. Watch midstream fills and dip capture.
Key Stats
Market Cap
53.26BP/E (TTM)
35.42Basic EPS (TTM)
3.72Dividend Yield
0.03%Recent Filings
8-K
8-K
Board adds two independents
Phillips 66 expanded its board from 14 to 16 directors on March 6, 2026, appointing independent directors Kevin O. Meyers and Howard I. Ungerleider, both joining the Audit & Finance and Public Policy and Sustainability Committees. Meyers brings deep energy expertise from ConocoPhillips and Hess; Ungerleider adds finance chops from Dow Inc. and current advisor roles. Board rebalanced smoothly. No related arrangements disclosed.
10-K
FY2025 results
Phillips 66 delivered FY2025 earnings of $4.4 billion, up sharply from $2.1 billion in 2024, fueled by $2.9 billion in gains from M&S dispositions including $1.9 billion from selling 65% of Germany/Austria marketing and $1 billion from exiting Coop—yet Refining swung to a $274 million loss from prior strength, hit by a $948 million WRB impairment before its Q4 consolidation boosted Central Corridor throughput to 102% utilization (derived). Q4 saw LA Refinery idling end fuel production, with accelerated depreciation pressuring results, while Midstream NGL volumes hit 917 MB/D Y-grade throughput, up from 754 MB/D, on Coastal Bend integration. Cash from operations reached $5 billion; $1.2 billion share repurchases and $1.9 billion dividends returned >50% of adjusted operating cash. Debt fell to $19.7 billion (39% debt-to-capital). Volatile crack spreads threaten quarterly margins.
8-K
Q4 earnings $2.9B, debt cut $2B
Phillips 66 reported Q4 2025 earnings of $2.9B ($7.17/share), boosted by $2.0B gain from selling 65% of its Germany/Austria retail business, while adjusted earnings held steady at $1.0B ($2.47/share). Refining hit record 88% clean product yield and 99% crude utilization; debt dropped $2.0B to $19.7B. Debt slashed sharply.
8-K
Q3 earnings hit by impairments
Phillips 66 reported Q3 2025 earnings of $133 million, or $0.32 per share, dragged by $948 million in impairments tied to acquiring full ownership of WRB Refining LP's Wood River and Borger refineries on October 1. Adjusted earnings hit $1.0 billion, or $2.52 per share, fueled by record midstream fractionation at 930 MBD and refining utilization of 99% with 86% clean product yield. The LA refinery idled crude processing on October 16, signaling portfolio streamlining amid volatile margins.
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