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Mar 31, 2025
Phillips 66 Q1 2025 Earnings Report
Phillips 66 reported a net income of $487 million and continued progress on strategic initiatives despite adjusted losses.
Key Takeaways
Phillips 66 delivered a solid Q1 performance with $487 million in net income. Marketing & Specialties led the way while Refining incurred significant losses due to turnaround activity. The company advanced its wellhead-to-market strategy with a new Permian gas plant and closed the EPIC NGL acquisition.
Reported net income of $487 million, with GAAP EPS at $1.18.
Adjusted loss of $368 million driven by major planned maintenance and impairments.
Strong segment performance from Marketing & Specialties, contributing $1.282 billion in pre-tax earnings.
Launched construction of new Permian gas processing plant and closed EPIC NGL acquisition.
Revenue by Segment
Forward Guidance
Phillips 66 expects improved margins and cash flow as turnarounds conclude and strategic infrastructure ramps up.
Positive Outlook
- Most turnaround activity is behind, setting up stronger operations.
- Marketing & Specialties continues to show strong international performance.
- Construction started on Iron Mesa gas plant in Permian to support future capacity.
- EPIC NGL acquisition to enhance integrated NGL strategy.
- Cash flow stability expected from new gas processing infrastructure.
Challenges Ahead
- Adjusted losses driven by non-cash depreciation and lower refining volumes.
- Renewable Fuels impacted by policy changes and tax credit transitions.
- Corporate costs increased due to higher interest expenses and charity timing.
- Refining margins remain under pressure amid macroeconomic volatility.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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