Phillips 66 (PSX) ( (PSX) ) has realeased its Q3 earnings. Here is a breakdown of the information Phillips 66 (PSX) presented to its investors.
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Phillips 66 is a leading integrated downstream energy provider that manufactures, transports, and markets products essential to the global economy, with operations spanning Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Headquartered in Houston, the company is committed to safety, reliability, and a lower-carbon future.
In the third quarter of 2024, Phillips 66 reported earnings of $346 million, or $0.82 per share, with adjusted earnings of $859 million, or $2.04 per share. The company successfully returned $1.3 billion to shareholders through dividends and share repurchases, while also achieving $1.4 billion in business transformation savings and advancing asset dispositions toward a $3 billion target.
Key financial highlights include a decline in earnings from $1.0 billion in the previous quarter to $346 million, attributed to legal and shutdown-related costs. Adjusted earnings also decreased to $859 million from $984 million. Despite these challenges, Phillips 66’s Marketing and Specialties segment saw increased adjusted pre-tax income due to higher margins, while the Chemicals segment benefited from improved margins and reduced costs.
The company’s strategic priorities are progressing well, with $12.5 billion distributed through share repurchases and dividends since mid-2022, and significant investments in Midstream operations, including the acquisition of Pinnacle Midstream. Phillips 66 remains on track to meet its $13 billion to $15 billion return of capital target by year-end.
Looking ahead, Phillips 66’s management remains focused on operational excellence and disciplined capital allocation to drive long-term shareholder value. The company continues to prioritize strategic initiatives that align with its goals of enhancing operational efficiencies and expanding its renewable fuels capabilities.
