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Phillips 66
🇺🇸 NYSE:PSX
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•
Dec 31, 2021

Phillips 66 Q4 2021 Earnings Report

Phillips 66 reported strong Q4 2021 earnings driven by improved Refining profitability and record earnings in Midstream, Chemicals, and Marketing and Specialties.

Key Takeaways

Phillips 66 reported fourth-quarter earnings of $1.3 billion, or $2.88 per share. Adjusted earnings were also $1.3 billion, or $2.94 per share. The company generated $1.8 billion of operating cash flow and approved a 2022 capital program of $1.9 billion. They also began operations of the C2G Pipeline and increased the quarterly dividend to 92 cents per share.

Reported fourth-quarter earnings of $1.3 billion or $2.88 per share; adjusted earnings of $1.3 billion or $2.94 per share

Generated $1.8 billion of operating cash flow; $1.4 billion excluding working capital

Approved 2022 capital program of $1.9 billion

Began operations of C2G Pipeline and increased quarterly dividend to 92 cents per share

Total Revenue
$33.6B
Previous year: $16.8B
+100.2%
EPS
$2.94
Previous year: -$1.16
-353.4%
Refinery Utilization
155,382,000%
O&P utilization in Chemicals
90%
Previous year: 101%
-10.9%
Gross Profit
$2.79B
Previous year: $901M
+209.7%
Cash and Equivalents
$3.1B
Previous year: $2.5B
+24.0%
Total Assets
$56B
Previous year: $55B
+1.8%

Phillips 66

Phillips 66

Phillips 66 Revenue by Segment

Forward Guidance

Phillips 66 is optimistic on economic recovery and the outlook for its businesses. The company advanced major projects across its portfolio, including the C2G Pipeline, Frac 4 at the Sweeny Hub, and the Rodeo Renewed project.

Positive Outlook

  • Completion of Frac 4 at the Sweeny Hub is expected in the fourth quarter of 2022, adding 150,000 BPD of capacity.
  • CPChem is growing its normal alpha olefins business with a second world-scale unit to produce 1-hexene, expected startup in 2023.
  • Expanding CPChem’s propylene splitting capacity by 1 billion pounds per year with a new unit, expected startup in 2023.
  • Rodeo Renewed refinery conversion project is expected to be finished in early 2024, with over 50,000 BPD of renewable fuel production capacity.
  • Phillips 66 is exploring additional opportunities to invest in hydrogen and electric vehicle charging to support European low-carbon goals.

Challenges Ahead

  • The continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products
  • The inability to timely obtain or maintain permits necessary for capital projects
  • Changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions
  • Fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins
  • Unexpected changes in costs for constructing, modifying or operating our facilities

Company Overview

Full financial data and analysis

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