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Mar 31, 2022
Phillips 66 Q1 2022 Earnings Report
Reported earnings and generated strong cash flow amidst volatile market conditions.
Key Takeaways
Phillips 66 reported first-quarter earnings of $582 million, or $1.29 per share, and adjusted earnings of $595 million, or $1.32 per share. The company generated $1.1 billion of operating cash flow and repaid $1.45 billion of debt in April. They also announced a plan to restart share repurchases.
Reported first-quarter earnings of $582 million or $1.29 per share; adjusted earnings of $595 million or $1.32 per share
Generated $1.1 billion of operating cash flow; $1.3 billion excluding working capital
Repaid $1.45 billion of debt in April
Announced plan to restart share repurchases
Revenue by Segment
Forward Guidance
Phillips 66 expects continued strong performance in the second quarter and believes current market conditions will allow them to increase shareholder returns by restarting share repurchases and increasing the dividend. They plan to repay additional debt this year.
Positive Outlook
- Expect continued strong performance in the second quarter
- Restarting share repurchases
- Increasing the dividend
- Plan to repay additional debt this year
- Advancing Frac 4 construction at the Sweeny Hub
Challenges Ahead
- Volatile market environment
- Seasonally lower margins across businesses
- First-quarter results were lower quarter-on-quarter
- Lower marketing margins mainly resulting from rising spot prices
Historical Earnings Impact
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Avg. Return Before/After Earnings
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