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Mar 31, 2023
Phillips 66 Q1 2023 Earnings Report
Phillips 66 reported strong financial results for Q1 2023, driven by refining operations and strategic priorities.
Key Takeaways
Phillips 66 reported first-quarter earnings of $2.0 billion, or $4.20 per share. The company generated $1.2 billion of operating cash flow and returned $1.3 billion to shareholders through dividends and share repurchases.
Reported first-quarter earnings of $2.0 billion or $4.20 per share
Generated $1.2 billion of operating cash flow, $2.5 billion excluding working capital
Returned $1.3 billion to shareholders through dividends and share repurchases
Achieved strong Refining operations, turnaround execution and market capture
Phillips 66
Phillips 66
Phillips 66 Revenue by Segment
Revenue by Segment
Midstream earnings Revenue
CapyFin.comChemicals earnings Revenue
CapyFin.comRefining earnings Revenue
CapyFin.comMarketing & Specialties Revenue
CapyFin.com Forward Guidance
Phillips 66 is on track to deliver $1 billion in run-rate savings by the end of 2023 under its business transformation initiative. The Rodeo Renewed refinery conversion project is expected to begin commercial operations in the first quarter of 2024.
Positive Outlook
- On track to deliver $1 billion in run-rate savings by the end of 2023
- Achieved over $600 million of run-rate savings at the end of Q1
- Completing acquisition of DCP Midstream, LP public common units by the end of the second quarter
- Total increase in the company’s economic interest in DCP Midstream is expected to generate an incremental $1 billion of annual adjusted EBITDA
- On track to capture over $300 million of commercial and operating synergies
Challenges Ahead
- Global olefins and polyolefins utilization was 94% for the quarter.
- Fair value of the company’s investment in NOVONIX, Ltd. decreased by $12 million
- Pre-tax turnaround costs for the first quarter were $234 million.
- Santa Maria facility safely shut down
- Lower international marketing margins