Phillips 66 Q4 2022 Earnings Report
Key Takeaways
Phillips 66 reported fourth-quarter earnings of $1.9 billion, or $3.97 per share, and adjusted earnings of $1.9 billion, or $4.00 per share. The company generated $4.8 billion in operating cash flow and returned $1.2 billion to shareholders through dividends and share repurchases. Phillips 66 also authorized a $5 billion increase to its share repurchase program and approved a $2 billion 2023 capital program.
Reported fourth-quarter earnings of $1.9 billion or $3.97 per share; adjusted earnings of $1.9 billion or $4.00 per share.
Generated $4.8 billion of operating cash flow.
Returned $1.2 billion to shareholders through dividends and share repurchases.
Authorized $5 billion increase to the share repurchase program.
Phillips 66
Phillips 66
Forward Guidance
Phillips 66 is focused on delivering $1 billion of annualized savings by year-end 2023 and growing its NGL business with the integration of DCP Midstream.
Positive Outlook
- On track to deliver $1 billion of annualized savings by year-end 2023.
- Continue to grow our NGL business with the integration of DCP Midstream and recently reached an agreement to acquire all public common units.
- Remain committed to operating excellence and disciplined capital allocation as we execute our strategic priorities.
- Reached an agreement to acquire all publicly held common units of DCP Midstream, LP in exchange for cash. The transaction is expected to close in the second quarter of 2023.
- Phillips 66 expects to capture over $300 million of commercial and operating synergies from DCP Midstream acquisition.