Phillips 66 (PSX) Company Report

Q3 reported earnings were $133 million ( $0.32 per share ) and adjusted earnings were $1.0 billion ( $2.52 per share ), reflecting impairment and idling charges at the Los Angeles Refinery.
Generated $1.2 billion of operating cash flow and $1.9 billion excluding working capital; returned $751 million to shareholders, including $267 million in share repurchases; net debt-to-capital was 41%.
Refining achieved 99% utilization (highest since 2018) and a record year-to-date clean product yield of 87%, with a third-quarter adjusted cost per barrel of $6.07, including a $69 million environmental accrual.
Closed acquisition of the remaining 50% interest in Wood River and Borger Refineries to capture synergies, and launched binding open season for the Western Gateway pipeline to supply Arizona, California, and Nevada.
Q4 guidance anticipates global chemicals utilization in the mid-90% range, refining crude utilization in the low- to mid-90% range, and turnaround expense of $125–145 million.

Oct 29, 2025, 4:00 PM

Transcript

Phillips 66 reports Q3 2025 results

PSX

Earnings

M&A

New Projects/Investments

Adjusted EPS of $2.52 and reported EPS of $0.32, with adjusted earnings totaling $1 billion and reported earnings of $133 million, reflecting accelerated depreciation and LA refinery idling impacts
Operating cash flow of $1.2 billion ($1.9 billion ex-working capital); returned $751 million to shareholders (including $267 million of buybacks); net debt/capital at 41%
Refining utilization at 99% (highest since 2018), year-to-date clean product yield of 87%, and adjusted cost of $6.07 per barrel (including a $0.40 environmental accrual)
Completed acquisition of the remaining 50% interests in the Wood River and Borger refineries and processed the final barrel at the Los Angeles refinery as part of idling activities
Organic midstream expansions (Dos Picos II, Coastal Bend Phase I & II, Iron Mesa) underpin a path to $4.5 billion EBITDA by end-2027

Oct 29, 2025, 4:00 PM

Transcript

Phillips 66 reports Q3 2025 results

PSX

Earnings

M&A

New Projects/Investments

Refining achieved 99% utilization (highest since 2018) with a year-to-date 87% clean product yield and Q3 adjusted cost of $6.07 per barrel (impacted by a $69 million environmental accrual).
Closed acquisition of the remaining 50% interest in Wood River and Borger refineries, enabling portfolio simplification and synergy capture—including the Western Gateway pipeline project to link Mid-Continent supply to Western markets.
Midstream volumes reached record NGL throughput and fractionation following Dos Picos II and Coastal Bend expansions; Chemicals delivered $700 million year-to-date adjusted EBITDA on >100% utilization.
Net debt was $21.8 billion in Q3 (flat net of cash changes); targeting reduction to $17 billion by end-2027 through free cash flow allocation to dividends, buybacks, and debt paydown.
Renewable fuels margins improved via cost and logistics optimization, with Q4 set to benefit from weaker soybean prices and stronger credit values.

Oct 29, 2025, 4:00 PM

Transcript

Phillips 66 reports Q3 2025 earnings

PSX

Earnings

M&A

Share Buyback

Reported third-quarter GAAP earnings of $133 million ($0.32/share) and adjusted earnings of $1.0 billion ($2.52/share), which include $241 million of pre-tax accelerated depreciation at the Los Angeles Refinery.
Refining operations ran at 99% capacity utilization with an 86% clean product yield; achieved record year-to-date Y-grade throughput of 1 MMBD and NGL fractionation of 930 MBD.
Generated $1.2 billion of net operating cash flow (or $1.9 billion excluding working capital) and returned $751 million to shareholders through dividends and share repurchases.
Completed the acquisition of the remaining 50% interest in WRB Refining LP, gaining full ownership of the Wood River and Borger refineries, and advanced major pipeline and polymers projects.

Oct 29, 2025, 1:36 PM

8-K

Phillips 66 reports strong 3Q 2025 results and outlines growth initiatives

PSX

Earnings

M&A

New Projects/Investments

Third-quarter GAAP earnings of $133 million ($0.32/share) and adjusted earnings of $1.0 billion ($2.52/share)
Refining operated at 99% capacity utilization with an 86% clean product yield, and set record Y-grade throughput of 1 MMBD and fractionation volumes of 930 MBD
Generated $1.2 billion in net operating cash flow ($1.9 billion excluding working capital)
Completed acquisition of the remaining 50% interest in WRB Refining LP, gaining full ownership of Wood River and Borger refineries, and advanced key NGL and chemicals projects

Oct 29, 2025, 11:00 AM

Press Release

Pacific Coast Oil Trust announces no October distribution

PSX

Dividends

The Trust will make no cash distribution to unitholders of record on October 31, 2025, as August 2025 net profits interests were insufficient to cover expenses, making future distributions extremely remote.
Developed Properties in August 2025 generated $2.3 million in revenue against $2.4 million in lease operating expenses, incurring a $0.1 million operating loss and increasing the cumulative net profits deficit from $10.5 million to $10.9 million; Remaining Properties added approximately $33,000 with a cumulative deficit rising to $129,000.
Monthly fees—approximately $116,000 for operations/services plus $118,530 in G&A—exceeded the $33,000 received from PCEC, creating a $202,000 shortfall for August 2025.
As of month-end, the Trust’s indebtedness to PCEC totaled $11.9 million (letter of credit draws and loans), which must be repaid before any distributions; under the Trust Agreement, the Trust is to be dissolved following low annual cash proceeds (<$2 million in 2020–21).

Oct 21, 2025, 8:15 PM

Press Release

Phillips 66 launches open season for Western Gateway Pipeline

PSX

New Projects/Investments

Phillips 66 and Kinder Morgan opened a binding open season for transportation service on the Western Gateway Pipeline from October 20 to December 19, 2025.
The new-build system will extend from Borger, Texas to Phoenix, Arizona, integrating with Kinder Morgan’s CALNEV Pipeline to serve California and Nevada markets.
The project includes reversing the Gold Pipeline and Kinder Morgan’s SFPP line to connect Midwest refinery supply to Phoenix, California and Las Vegas.

Oct 20, 2025, 9:00 PM

Press Release

Phillips 66 plans $100M charges amid Los Angeles refinery shutdown

PSX

Shutting down its Los Angeles refinery by mid-October 2024, ceasing crude processing after the last waterborne shipment in late September.
Expects to incur about $100 million in charges, comprising roughly $70 million for environmental remediation and $30 million for asset retirement.
The Los Angeles refinery had a capacity of 139,000–156,000 barrels per day; Phillips 66 operates 11 refineries totaling 1.8 million bpd, alongside extensive midstream and chemical ventures.
Closure is part of a real estate redevelopment strategy, with phased idling continuing through end-2025 and several units already idled as of early October 2024.

Oct 1, 2025, 8:55 PM

Morningstar

Phillips 66 reports Pacific Coast Oil Trust monthly net profits interest calculations

PSX

Developed Properties incurred an operating loss of $0.3 million for the month, with revenues of $2.2 million, lease operating expenses of $2.5 million and development costs of $36,000, driving the cumulative net profits deficit to $10.5 million; average realized price was $57.48/boe.
Remaining Properties generated $42,000 from the 7.5% overriding royalty interest, with an average realized price of $53.12/boe, increasing their cumulative net profits deficit to $81,000.
Sales volumes totaled 37,425 Boe (1,207 Boe/day) for Developed Properties and 11,566 Boe (373 Boe/day) for Remaining Properties.
After paying a $116,000 operating fee and $183,330 in G&A, the Trust had a shortfall of $257,330; as of month-end the Trust owed PCEC $11.8 million under drawn letter of credit and loans.

Oct 1, 2025, 8:15 PM

Press Release

Phillips 66 updates Los Angeles refinery idling

PSX

Phillips 66 will idle its Los Angeles refinery, having received its final waterborne crude on Sept. 30 and expecting the last crude processing around Oct. 16, 2025.
Several process units are already idle, with the remaining units to be phased out through end-2025 as remediation and decommissioning progress.
The company plans to accrue approximately $70 million in environmental expenses (Refining) and $30 million in asset retirement charges (Midstream) in Q3 2025 related to the shutdown.
To maintain California fuel supply, Phillips 66 will source gasoline from within and outside its refining network; more details will be shared on the Q3 2025 earnings call on Oct. 29, 2025.

Oct 1, 2025, 4:30 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Phillips 66.

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