The earnings call presented a balanced view with significant achievements in shareholder distribution, clean product yields, and renewable fuels. However, challenges in earnings, chemicals, and refining segments, alongside an increased debt level, present some concerns.

Company Guidance

During the Phillips 66 Fourth Quarter 2024 Earnings Conference Call, the company provided guidance on several key metrics. The company achieved its shareholder distribution target with $13.6 billion distributed through share repurchases and dividends since July 2022. In refining, they reported a second consecutive year of above industry average crude utilization and set record clean product yields while reducing costs by $1 per barrel. The DCP midstream acquisition exceeded its $400 million synergy target, capturing $500 million in run rate synergies, thus increasing Midstream's mid-cycle adjusted EBITDA by $1.5 billion. The company also surpassed its $1.4 billion run rate business transformation savings goal, achieving $1.5 billion in savings. Phillips 66 committed to $3 billion of non-core asset dispositions and has announced $3.5 billion in asset divestitures. Looking ahead to 2025-2027, the company aims to return over 50% of operating cash flow to shareholders and targets a $5.50 per barrel adjusted controllable cost excluding turnarounds. They plan to grow Midstream and Chemicals mid-cycle adjusted EBITDA by an additional $1 billion by 2027, with non-refining mid-cycle EBITDA expected to reach $10 billion by 2027. Additionally, they intend to reduce total debt to $17 billion, contingent on the margin environment and planned dispositions.

Strong Shareholder Distribution

Achieved shareholder distribution target with $13.6 billion distributed through share repurchases and dividends since July 2022.

Record Clean Product Yields

Set record clean product yields both for the quarter and full year, while reducing costs by a dollar per barrel.

DCP Midstream Acquisition Success

Exceeded $400 million synergy target by capturing $500 million of run rate synergies, increasing Midstream's mid-cycle adjusted EBITDA by $1.5 billion.

Asset Divestitures

Announced $3.5 billion in asset divestitures, exceeding the $3 billion target for non-core asset dispositions.

Renewable Fuels Segment Improvement

Renewable fuels results increased due to higher margins at the Rodeo complex and stronger international results.

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Phillips 66 (PSX) 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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PSX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 25, 2025	2025 (Q1)	0.55 / -	1.9	―	―	―
Jan 31, 2025	2024 (Q4)	-0.05 / -0.15	3.09	-104.85% (-3.24)
Oct 29, 2024	2024 (Q3)	1.65 / 2.04	4.63	-55.94% (-2.59)
Jul 30, 2024	2024 (Q2)	1.98 / 2.31	3.87	-40.31% (-1.56)
Apr 26, 2024	2024 (Q1)	2.20 / 1.90	4.21	-54.87% (-2.31)
Jan 31, 2024	2023 (Q4)	2.35 / 3.09	4	-22.75% (-0.91)
Oct 27, 2023	2023 (Q3)	4.82 / 4.63	6.46	-28.33% (-1.83)
Aug 02, 2023	2023 (Q2)	3.60 / 3.87	6.77	-42.84% (-2.90)
May 03, 2023	2023 (Q1)	3.56 / 4.21	1.32	218.94% (+2.89)
Jan 31, 2023	2022 (Q4)	4.41 / 4.00	2.94	36.05% (+1.06)

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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PSX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 31, 2025	$120.84	$117.87	-2.46%
Oct 29, 2024	$127.76	$122.19	-4.36%
Jul 30, 2024	$138.03	$144.67	+4.81%
Apr 26, 2024	$153.35	$147.67	-3.70%

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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