The earnings call presents a mixed sentiment with strong achievements in cost reduction, shareholder returns, and midstream growth, overshadowed by challenges in refining earnings and strategic decisions such as the closure of the Los Angeles refinery.

Company Guidance

During the Phillips 66 third quarter 2024 earnings call, the company provided several key metrics and guidance. They highlighted returning $12.5 billion to shareholders since July 2022, approaching their $13 billion to $15 billion target. In refining, they reduced costs by $1 per barrel, aiming to enhance clean product yield through high-return projects. Asset dispositions are expected to exceed the $3 billion target, with recent agreements totaling $1.24 billion. The Midstream segment achieved a $400 million synergy target, boosting adjusted EBITDA to $3.7 billion over the last 12 months, despite weaker natural gas and NGL prices. Operating cash flow for the quarter was $1.1 billion, with $1.3 billion returned to shareholders. Earnings were $346 million, with adjusted earnings at $859 million or $2.04 per share. Looking forward, the company plans to maintain a focus on cost reductions and strategic optimizations to sustain shareholder value and operational efficiency.

Strong Return to Shareholders

Since July 2022, Phillips 66 has returned $12.5 billion to shareholders through share repurchases and dividends, approaching the $13 billion to $15 billion target.

Asset Disposition Success

Phillips 66 has signed agreements to generate $2.7 billion in proceeds from asset dispositions, surpassing their $3 billion target.

Cost Reduction Achievements

The company achieved a $1.4 billion business transformation cost reduction target ahead of schedule, along with reducing refining costs by $1 per barrel.

Midstream Business Growth

Midstream's adjusted EBITDA increased to $3.7 billion from $2.1 billion three years ago, with synergy targets achieved ahead of schedule.

Marketing and Specialties Performance

The segment showed stronger margins due to seasonally stronger margins and lower costs, with expectations for continued strong performance.

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Phillips 66 (GB:0KHZ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GB:0KHZ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 27, 2018	2018 (Q2)	- / 2.80	1.09	156.88% (+1.71)	―	―
Oct 26, 2018	2018 (Q3)	- / 3.10	1.66	86.75% (+1.44)	―	―
Feb 08, 2019	2018 (Q4)	- / 4.87	1.07	355.14% (+3.80)	―	―
Apr 30, 2019	2019 (Q1)	- / 0.40	1.04	-61.54% (-0.64)	―	―
Jul 26, 2019	2019 (Q2)	- / 3.02	2.8	7.86% (+0.22)	―	―
Oct 25, 2019	2019 (Q3)	- / 3.11	3.1	0.32% (<+0.01)	―	―
Jan 31, 2020	2019 (Q4)	- / 1.54	4.87	-68.38% (-3.33)	―	―
May 01, 2020	2020 (Q1)	- / 1.02	0.4	155.00% (+0.62)	―	―
Jul 31, 2020	2020 (Q2)	- / -0.74	3.02	-124.50% (-3.76)	―	―
Oct 30, 2020	2020 (Q3)	- / -0.01	3.11	-100.32% (-3.12)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GB:0KHZ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 29, 2024	$127.57	$121.94	-4.41%
Jul 30, 2024	$137.83	$144.18	+4.61%
Apr 26, 2024	$153.29	$147.89	-3.53%
Jan 31, 2024	$136.72	$139.72	+2.20%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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