Phillips 66 reports Q2 EPS $2.31, consensus $1.98

Reports Q2 Midstream second-quarter 2024 adjusted pre-tax income increased compared with the first quarter, primarily due to higher NGL volumes and margins, as well as lower costs. As of June 30 the company had $2.4Bon of cash and cash equivalents and $4.1B of committed capacity available under a credit facility. .Phillips 66 announced second-quarter earnings. “We are systematically executing on our strategic priorities, which is reflected in our second-quarter results,” said Mark Lashier, chairman and CEO of Phillips 66. “Refining crude utilization was our highest in five years and we lowered our costs by nearly a dollar per barrel, reflecting the success of our business transformation efforts. In Midstream, strong results reflect record NGL volumes and increased synergy capture.” Lashier added, “We continue to increase shareholder value through strong operating performance, disciplined capital allocation and asset portfolio optimization.”