Phillips 66 (PSX) ( (PSX) ) has released its Q4 earnings. Here is a breakdown of the information Phillips 66 (PSX) presented to its investors.
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Phillips 66 is a prominent integrated downstream energy company engaged in manufacturing, transporting, and marketing products essential to the global economy, with a focus on refining, chemicals, midstream, marketing, and renewable fuels sectors.
In its latest earnings report, Phillips 66 disclosed a modest fourth-quarter profit of $8 million, translating to $0.01 per share. However, adjusted results showed a loss of $61 million. Despite these figures, the company posted a full-year earnings of $2.1 billion, or $4.99 per share, and adjusted earnings of $2.6 billion, or $6.15 per share.
Key highlights of the report include a substantial $1.1 billion returned to shareholders during the fourth quarter through dividends and share repurchases, and a total of $5.3 billion for the full year. The company set records for NGL fractionation and LPG export volumes, as well as clean product yield in refining. Furthermore, Phillips 66 reported achieving significant business transformation savings and synergy capture from its DCP integration.
Additionally, the company announced its acquisition of EPIC’s NGL business, enhancing its presence in the Permian and Gulf Coast regions, which is expected to be accretive to earnings and integrated with existing infrastructure. Looking ahead, Phillips 66 has outlined new financial and operational targets, focusing on debt reduction, cost structure improvements, and EBITDA growth.
Reflecting on 2024, Phillips 66’s leadership emphasized the successful execution of strategic priorities, positioning the company well to achieve its targets through 2027. With a commitment to returning over 50% of operating cash flow to shareholders, Phillips 66 remains focused on leveraging its integrated portfolio to drive long-term shareholder value.
