Phillips 66 (PSX) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Phillips 66.

Analyst Coverage

Research analysts who have asked questions during Phillips 66 earnings calls.

Manav Gupta

UBS Group

6 questions for PSX

Also covers: ADM, AMTX, BE +34 more

Neil Mehta

Goldman Sachs

6 questions for PSX

Also covers: AESI, APA, AR +36 more

Ryan Todd

Simmons Energy

6 questions for PSX

Also covers: BP, COP, CVX +9 more

Jason Gabelman

TD Cowen

5 questions for PSX

Also covers: BP, CLMT, CLNE +19 more

Jean Ann Salisbury

Bank of America

4 questions for PSX

Also covers: CQP, CVX, DK +13 more

Matthew Blair

Tudor, Pickering, Holt & Co.

4 questions for PSX

Also covers: AMTX, CE, CLNE +19 more

Paul Cheng

Scotiabank

4 questions for PSX

Also covers: APA, BP, CLNE +20 more

Theresa Chen

Barclays PLC

4 questions for PSX

Also covers: CQP, DINO, DTM +20 more

Douglas George Blyth Leggate

Wolfe Research

3 questions for PSX

Also covers: APA, BP, COP +18 more

John Royall

JPMorgan Chase & Co.

3 questions for PSX

Also covers: CASY, CNQ, CVE +13 more

Phillip Jungwirth

BMO Capital Markets

3 questions for PSX

Also covers: AR, CIVI, COP +17 more

Roger Read

Wells Fargo & Company

3 questions for PSX

Also covers: APA, AR, BP +22 more

Douglas Leggate

Wolfe Research

2 questions for PSX

Also covers: APA, COP, CVX +5 more

Joseph Laetsch

Morgan Stanley

2 questions for PSX

Also covers: DINO, DK, PBF +1 more

Justin Jenkins

Raymond James

2 questions for PSX

Also covers: LNG, SUN, WKC

Steve Richardson

Evercore

2 questions for PSX

Doug Leggate

Wolfe Research

1 question for PSX

Also covers: APA, AR, BP +21 more

Joe Laetsch

Morgan Stanley

1 question for PSX

Also covers: DINO, DK, MPC +2 more

Theresa Chinn

Barclays

1 question for PSX

Latest news

Recent press releases and 8-K filings for PSX.

Phillips 66 outlines 2026 strategic priorities at Goldman Sachs Energy Conference

PSX

New Projects/Investments

M&A

Share Buyback

Phillips 66 aims to deliver durable through-cycle cash flow and a rateable dividend via its integrated downstream platform, targeting $4.5 billion of midstream EBITDA by late 2027 through organic projects (Dos Picos, Iron Mesa, Coastal Bend expansion) and contract escalations.
Refining capacity remains structurally tight, with net additions of ~500 mbpd annually to the end of the decade against stable product demand, underpinning a constructive refining outlook and potential WCS heavy-crude differential widening into the teens over time.
The company will recycle capital from non-core asset sales (e.g., European retail) and opportunistic M&A (e.g., WRB acquisition) to fund a low-$2 billion annual capex, $2 billion of dividends, $2 billion of buybacks, and reduce net debt from $21.8 billion to $17 billion by end-2027.
CP Chem remains cash-generative in the current downturn and is about to start up two world-scale, low-cost ethylene assets, supporting strong long-term returns and premium valuation optionality.

2 days ago

Transcript

Phillips 66 outlines downstream strategy at Goldman Sachs conference

PSX

M&A

New Projects/Investments

Share Buyback

Phillips 66 will deliver durable through-cycle cash flow with a rateable dividend via integrated downstream operations (midstream, refining, marketing, chemicals) focused on safe, reliable, efficient hydrocarbon processing
Management is monitoring the potential return of Venezuelan supply, noting Gulf Coast refineries’ capacity (~200 kbd) for Venezuelan crude and implications for Western Canadian Select differentials and NAFTA trade
The company forecasts structurally tight refining capacity through the late 2020s, with net additions of ~500 kbd annually offset by ongoing rationalizations supporting margin capture
Midstream aims for $4.5 billion EBITDA by 2027, driven by organic projects (Dos Picos, Iron Mesa, Coastal Bend expansion), contract renewals, and escalations
Targets debt reduction from $21.8 billion to $17 billion by end-2027 via ~$8 billion annual cash flow, $2 billion dividends, $2 billion buybacks, $2 billion capex, and selective non-core asset sales

2 days ago

Transcript

Phillips 66 outlines downstream growth strategy and capital framework at Goldman Sachs conference

PSX

New Projects/Investments

M&A

Dividends

PSX CEO Mark Lashier emphasized durable cash flow via downstream-only focus with complementary refining, midstream, marketing, and chemicals assets, targeting $5.50/boe refining cost run rate by end-2026 through continuous safety and reliability improvements.
PSX CFO Kevin Mitchell detailed midstream growth to $4.5 billion EBITDA by late 2027, driven by Permian gas processing expansions (Dos Picos, Iron Mesa) and transportation projects (Coastal Bend), funded within a ~$1 billion annual midstream capex.
PSX plans to reduce net debt from $21.8 billion (end-Q3 2025) to ~$17 billion by end-2027, supported by $8 billion annual operating cash flow, $2 billion dividends, $2 billion share repurchases, and low-$2 billion capex, plus proceeds from asset dispositions.
PSX is pursuing M&A and portfolio optimization—acquired Wood River/Borger refineries for integration synergies, sold European retail assets (closed Dec 1, 2025) and plans to divest non-core assets to redeploy capital for growth and shareholder returns.

2 days ago

Transcript

Phillips 66 announces close of initial open season and launch of new open season for Western Gateway Pipeline

PSX

New Projects/Investments

Western Gateway Pipeline has closed its initial open season after securing significant shipper commitments to transport refined products to California markets.
A subsequent open season will launch in January 2026 to allocate remaining capacity and offer new destinations west of Colton, CA, enabling access to Los Angeles via a joint tariff with SFPP.
The project includes a new-build line from Borger, TX to Phoenix, AZ, reversal of Kinder Morgan’s SFPP segment from Colton to Phoenix, and reversal of Phillips 66’s Gold Pipeline to feed supplies into the system, with connectivity to Las Vegas via the CALNEV Pipeline.

Dec 22, 2025, 12:00 PM

Press Release

Phillips 66 plans $2.4 billion 2026 capex for refining and midstream expansion

PSX

New Projects/Investments

$2.4 billion 2026 capital budget, split roughly $1.1 billion each for refining and midstream operations.
Key midstream and processing projects include the Iron Mesa gas plant (300 mmcf/d, start-up Q1 2027) and Coastal Bend NGL pipeline expansion to 350,000 bpd by Q4 2026, plus a new 100,000 bpd fractionator in Corpus Christi (FID early 2026, completion by 2028).
Growth capital targets high-return refining projects and integrated NGL processing, while sustaining capital supports safe, reliable operations.
Chevron Phillips Chemical joint venture to invest $680 million, underscoring expansion focus.
CEO Mark Lashier highlighted a disciplined capital approach to balance growth with stability and maximize shareholder returns.

Dec 15, 2025, 1:16 PM

Morningstar

Phillips 66 announces 2026 capital budget

PSX

New Projects/Investments

Phillips 66 set its 2026 capital budget at $2.4 billion, comprising $1.1 billion sustaining and $1.3 billion growth capital.
The Midstream segment will receive $1.1 billion, split $400 million sustaining and $700 million growth to expand NGL processing and pipeline capacity.
The Refining segment plans $1.1 billion of investment, including $590 million sustaining and $520 million growth, funding projects such as the Humber gasoline quality improvement.
Phillips 66’s share of Chevron Phillips Chemical’s JV spending is expected to be $680 million, with $200 million sustaining and $480 million growth, all self-funded.

Dec 15, 2025, 1:00 PM

Press Release

Phillips 66 announces Q3 2025 results

PSX

Earnings

M&A

Share Buyback

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.