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Sep 30, 2023
Phillips 66 Q3 2023 Earnings Report
Reported earnings with strong refining operations and strategic priorities execution.
Key Takeaways
Phillips 66 reported strong third-quarter earnings, driven by focus on operating performance and execution of strategic priorities, coupled with favorable market conditions. The company is raising shareholder distribution targets and increasing business transformation run-rate target.
Reported third-quarter earnings of $2.1 billion or $4.69 per share; adjusted earnings of $2.1 billion or $4.63 per share
Generated $2.7 billion of operating cash flow, $2.4 billion excluding working capital
Returned $1.2 billion to shareholders through dividends and share repurchases
Continued strong Refining operations with crude utilization rate of 95%, highest since 2019
Phillips 66
Phillips 66
Forward Guidance
Phillips 66 is raising the bar by putting forth enhanced, ambitious and achievable plans that will reward shareholders now and well into the future.