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Dec 31, 2024
Phillips 66 Q4 2024 Earnings Report
Reported mixed results with earnings impacted by depreciation and strategic priority targets achieved.
Key Takeaways
Phillips 66 reported fourth-quarter earnings of $8 million, or $0.01 per share, and an adjusted loss of $61 million, or $0.15 per share. Earnings were impacted by $230 million pre-tax of accelerated depreciation related to the Los Angeles Refinery. The company returned $1.1 billion to shareholders through dividends and share repurchases and surpassed its targeted $3 billion in announced asset dispositions.
Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share.
Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery.
Returned $1.1 billion to shareholders through dividends and share repurchases.
Surpassed targeted $3 billion in announced asset dispositions.
Phillips 66
Phillips 66
Forward Guidance
Phillips 66 announced its next phase of priorities through 2027.
Positive Outlook
- Delivering shareholder returns by returning greater than 50% of operating cash flow to shareholders
- Executing world-class operations by achieving 2% higher than industry-average crude utilization and targeting annual adjusted controllable costs of $5.50 per barrel in Refining, excluding adjusted turnaround expense
- Delivering disciplined growth and returns by growing Midstream and Chemicals mid-cycle adjusted EBITDA $1 billion in total by 2027
- Maintaining financial strength and flexibility by reducing total debt to $17 billion