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Mar 31, 2020
Phillips 66 Q1 2020 Earnings Report
Phillips 66 reported a first-quarter loss, but adjusted earnings were positive due to strong midstream and marketing results. The company secured additional liquidity and reduced capital spending and operating costs.
Key Takeaways
Phillips 66 reported a first-quarter 2020 loss of $2.5 billion, or $(5.66) per share, compared to earnings of $736 million in the fourth quarter of 2019. Adjusted earnings were $450 million, or $1.02 per share. The company focused on maintaining safe operations and financial strength amidst unprecedented challenges, including reducing capital spending and securing additional liquidity.
Reported a first-quarter loss of $2.5 billion or $(5.66) per share; adjusted earnings of $450 million or $1.02 per share.
Generated strong underlying results in Midstream and Marketing businesses.
Secured $3 billion in additional liquidity through term loan and senior notes.
Returned $839 million to shareholders in the quarter; suspended share repurchases in March.
Phillips 66
Phillips 66
Forward Guidance
Phillips 66 provided an update on strategic initiatives, including the Gray Oak Pipeline, Sweeny Hub expansion, and renewable fuel projects.