- Reported third-quarter earnings of $346 million or $0.82 per
share; adjusted earnings of $859 million or $2.04 per share
- Returned $1.3 billion to shareholders through dividends and
share repurchases
- Achieved business transformation $1.4 billion run-rate savings
target, including $1 per barrel Refining cost reduction
- Progressed asset dispositions totaling $2.7 billion toward $3
billion target, including recently executed agreements
Phillips 66 (NYSE: PSX), a leading integrated downstream energy
provider, announced third-quarter earnings.
“Our employees continue to execute our strategic priorities,
deliver strong operating performance and leverage the benefits of
our differentiated downstream portfolio,” said Mark Lashier,
chairman and CEO of Phillips 66.
“We have achieved our cost reduction and Midstream synergy
targets,” said Lashier. “In addition, we have significantly
advanced our asset disposition program with recently announced
transactions. Our commitment to operational excellence and
disciplined capital allocation continues to create long-term
shareholder value.”
Financial Results Summary (in millions of dollars, except
as indicated)
3Q 2024
2Q 2024
Earnings
$
346
1,015
Adjusted Earnings1
859
984
Adjusted EBITDA1
1,998
2,183
Earnings Per Share
Earnings Per Share - Diluted
0.82
2.38
Adjusted Earnings Per Share - Diluted1
2.04
2.31
Cash Flow From Operations
1,132
2,097
Cash Flow From Operations, Excluding
Working Capital1
1,513
1,181
Capital Expenditures &
Investments2
358
367
Return of Capital to Shareholders
1,277
1,325
Share repurchases
800
840
Dividends paid
477
485
Cash
1,637
2,444
Debt
19,998
19,960
Debt-to-capital ratio
40
%
40
%
Net debt-to-capital ratio1
38
%
36
%
1Represents a non-GAAP financial measure.
Reconciliations of these non-GAAP financial measures to the most
comparable GAAP financial measure are included within this
release.
2 Excludes acquisitions of $567 million in
the third quarter of 2024, and purchases of government obligations
of $1.1 billion in third-quarter of 2024.
Segment Financial and Operating
Highlights (in millions of dollars, except as indicated)
3Q 2024
2Q 2024
Change
Earnings1
$
346
1,015
(669
)
Midstream
644
767
(123
)
Chemicals
342
222
120
Refining
(108
)
302
(410
)
Marketing and Specialties
(22
)
415
(437
)
Renewable Fuels
(116
)
(55
)
(61
)
Corporate and Other
(327
)
(340
)
13
Income tax expense
(44
)
(291
)
247
Noncontrolling interests
(23
)
(5
)
(18
)
Adjusted Earnings1,2
$
859
984
(125
)
Midstream
672
753
(81
)
Chemicals
342
222
120
Refining
(67
)
302
(369
)
Marketing and Specialties
583
415
168
Renewable Fuels
(116
)
(55
)
(61
)
Corporate and Other
(327
)
(340
)
13
Income tax expense
(205
)
(278
)
73
Noncontrolling interests
(23
)
(35
)
12
Adjusted EBITDA2
$
1,998
2,183
(185
)
Midstream
892
971
(79
)
Chemicals
466
348
118
Refining
188
531
(343
)
Marketing and Specialties
656
484
172
Renewable Fuels
(92
)
(43
)
(49
)
Corporate and Other
(112
)
(108
)
(4
)
Operating Highlights
Midstream NGL Fractionated Volumes
(MBD)
728
744
(16
)
Chemicals Global O&P Utilization
98
%
98
%
—
%
Refining
Turnaround Expense ($)
137
100
37
Realized Margin ($/BBL)2
8.31
10.01
(1.70
)
Crude Capacity Utilization
94
%
98
%
(4
%)
Clean Product Yield
87
%
86
%
1
%
Renewable Fuels Produced (MBD)
44
31
13
1Segment reporting is pre-tax.
2Represents a non-GAAP financial measure.
Reconciliations of these non-GAAP financial measures to the most
comparable GAAP financial measure are included within this
release.
Third-Quarter 2024 Financial Results
Reported earnings were $346 million for the third quarter of
2024 versus $1.0 billion in the second quarter. Third-quarter
earnings included a legal accrual of $605 million in the Marketing
and Specialties segment, costs related to the planned shutdown of
the Los Angeles Refinery of $41 million in the Refining segment,
and an impairment of $28 million in the Midstream segment.
Second-quarter earnings included a gain on sale of investment of
$238 million and an impairment of $224 million, both impacting the
Midstream segment. Adjusted earnings for the third quarter were
$859 million versus $984 million in the second quarter.
- Midstream third-quarter 2024 adjusted pre-tax income decreased
compared with the second quarter mainly due to seasonal maintenance
costs and lower equity earnings, partially offset by higher export
margins.
- Chemicals reported pre-tax income increased mainly due to
higher margins and lower costs.
- Refining adjusted pre-tax loss was a decrease compared to the
second quarter, primarily due to a decline in realized margins
largely driven by lower market crack spreads.
- Marketing and Specialties adjusted pre-tax income increased
primarily due to higher margins.
- Renewable Fuels reported pre-tax loss increased primarily due
to lower realized margins, partially offset by higher volumes.
As of September 30, 2024, the company had $1.6 billion of cash
and cash equivalents and $5.3 billion of committed capacity
available under credit facilities.
Business Highlights and Strategic Priorities Progress
- Distributed $12.5 billion through share repurchases and
dividends since July 2022 and on pace to achieve the company’s $13
billion to $15 billion target by year-end.
- Achieved $1.4 billion in run-rate business transformation
savings, delivering on the company’s target ahead of schedule.
- Expanded its Midstream NGL wellhead-to-market business with the
acquisition of Pinnacle Midstream and approved a follow-on
processing plant expansion in the Midland Basin expected to be
completed in mid-year 2025.
- Achieved target of over $400 million of run-rate synergies from
the successful integration of DCP Midstream.
- Received proceeds of $1.3 billion since 2022 toward the
company’s $3 billion asset disposition target. In addition, the
company recently agreed to sell its 49% interest in a
Switzerland-based retail joint venture for $1.24 billion, and its
interests in non-core Midstream assets in North Dakota.
Investor Webcast
Members of Phillips 66 executive management will host a webcast
at noon ET to provide an update on the company’s strategic
initiatives and discuss the company’s third-quarter performance. To
access the webcast and view related presentation materials, go to
phillips66.com/investors and click on “Events & Presentations.”
For detailed supplemental information, go to
phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream
energy provider that manufactures, transports and markets products
that drive the global economy. The company’s portfolio includes
Midstream, Chemicals, Refining, Marketing and Specialties, and
Renewable Fuels businesses. Headquartered in Houston, Phillips 66
has employees around the globe who are committed to safely and
reliably providing energy and improving lives while pursuing a
lower-carbon future. For more information, visit phillips66.com or
follow @Phillips66Co on LinkedIn. Use of Non-GAAP Financial
Information—This news release includes the terms “adjusted
earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,”
“adjusted earnings per share,” “refining realized margin per
barrel,” “cash from operations, excluding working capital,” and
“net debt-to-capital ratio.” These are non-GAAP financial measures
that are included to help facilitate comparisons of operating
performance across periods and to help facilitate comparisons with
other companies in our industry. Where applicable, these measures
exclude items that do not reflect the core operating results of our
businesses in the current period or other adjustments to reflect
how management analyzes results. Reconciliations of these non-GAAP
financial measures to the most comparable GAAP financial measure
are included within this release.
References in the release to earnings refer to net income
attributable to Phillips 66. References to run-rate business
transformation savings include cost savings and other benefits that
will be captured in the sales and other operating revenues
impacting gross margin; purchased crude oil and products costs
impacting gross margin; operating expenses; selling, general and
administrative expenses; and equity in earnings of affiliates lines
on our consolidated statement of income when realized. Run-rate
savings include run-rate sustaining capital savings. Run-rate
sustaining capital savings include savings that will be captured in
the capital expenditures and investments on our consolidated
statement of cash flows when realized.
Basis of Presentation— Effective April 1, 2024, we
changed the internal financial information reviewed by our chief
executive officer to evaluate performance and allocate resources to
our operating segments. This included changes in the composition of
our operating segments, as well as measurement changes for certain
activities between our operating segments. The primary effects of
this realignment included establishment of a Renewable Fuels
operating segment, which includes renewable fuels activities and
assets historically reported in our Refining, Marketing and
Specialties (M&S), and Midstream segments; change in method of
allocating results for certain Gulf Coast distillate export
activities from our M&S segment to our Refining segment;
reclassification of certain crude oil and international clean
products trading activities between our M&S segment and our
Refining segment; and change in reporting of our 16% investment in
NOVONIX from our Midstream segment to Corporate and Other.
Accordingly, prior period results have been recast for
comparability.
In the third quarter of 2024, we began presenting the line item
“Capital expenditures and investments” on our consolidated
statement of cash flows exclusive of acquisitions, net of cash
acquired. Accordingly, prior period information has been
reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform Act of
1995—This news release contains forward-looking statements
within the meaning of the federal securities laws relating to
Phillips 66’s operations, strategy and performance. Words such as
“anticipated,” “estimated,” “expected,” “planned,” “scheduled,”
“targeted,” “believe,” “continue,” “intend,” “will,” “would,”
“objective,” “goal,” “project,” “efforts,” “strategies” and similar
expressions that convey the prospective nature of events or
outcomes generally indicate forward-looking statements. However,
the absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements included in this news
release are based on management’s expectations, estimates and
projections as of the date they are made. These statements are not
guarantees of future events or performance, and you should not
unduly rely on them as they involve certain risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecast in such forward-looking statements. Factors that could
cause actual results or events to differ materially from those
described in the forward-looking statements include: changes in
governmental policies or laws that relate to our operations,
including regulations that seek to limit or restrict refining,
marketing and midstream operations or regulate profits, pricing, or
taxation of our products or feedstocks, or other regulations that
restrict feedstock imports or product exports; our ability to
timely obtain or maintain permits necessary for projects;
fluctuations in NGL, crude oil, refined petroleum, renewable fuels
and natural gas prices, and refining, marketing and petrochemical
margins; the effects of any widespread public health crisis and its
negative impact on commercial activity and demand for refined
petroleum or renewable fuels products; changes to worldwide
government policies relating to renewable fuels and greenhouse gas
emissions that adversely affect programs including the renewable
fuel standards program, low carbon fuel standards and tax credits
for renewable fuels; potential liability from pending or future
litigation; liability for remedial actions, including removal and
reclamation obligations under existing or future environmental
regulations; unexpected changes in costs for constructing,
modifying or operating our facilities; our ability to successfully
complete, or any material delay in the completion of, any asset
disposition, acquisition, shutdown or conversion that we have
announced or may pursue, including receipt of any necessary
regulatory approvals or permits related thereto; unexpected
difficulties in manufacturing, refining or transporting our
products; the level and success of drilling and production volumes
around our midstream assets; risks and uncertainties with respect
to the actions of actual or potential competitive suppliers and
transporters of refined petroleum products, renewable fuels or
specialty products; lack of, or disruptions in, adequate and
reliable transportation for our products; failure to complete
construction of capital projects on time or within budget; our
ability to comply with governmental regulations or make capital
expenditures to maintain compliance with laws; limited access to
capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international
financial markets, which may also impact our ability to repurchase
shares and declare and pay dividends; potential disruption of our
operations due to accidents, weather events, including as a result
of climate change, acts of terrorism or cyberattacks; general
domestic and international economic and political developments,
including armed hostilities (such as the Russia-Ukraine war),
expropriation of assets, and other diplomatic developments;
international monetary conditions and exchange controls; changes in
estimates or projections used to assess fair value of intangible
assets, goodwill and property and equipment and/or strategic
decisions with respect to our asset portfolio that cause impairment
charges; investments required, or reduced demand for products, as a
result of environmental rules and regulations; changes in tax,
environmental and other laws and regulations (including alternative
energy mandates); political and societal concerns about climate
change that could result in changes to our business or increase
expenditures, including litigation-related expenses; the operation,
financing and distribution decisions of equity affiliates we do not
control; and other economic, business, competitive and/or
regulatory factors affecting Phillips 66’s businesses generally as
set forth in our filings with the Securities and Exchange
Commission. Phillips 66 is under no obligation (and expressly
disclaims any such obligation) to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Earnings
Millions of Dollars
2024
2023
3Q
2Q
Sep YTD
3Q
Sep YTD
Midstream
$
644
767
1,965
724
2,060
Chemicals
342
222
769
104
494
Refining
(108
)
302
410
1,712
4,481
Marketing and Specialties
(22
)
415
759
605
1,501
Renewable Fuels
(116
)
(55
)
(226
)
22
164
Corporate and Other
(327
)
(340
)
(989
)
(354
)
(992
)
Pre-Tax Income
413
1,311
2,688
2,813
7,708
Less: Income tax expense
44
291
538
670
1,754
Less: Noncontrolling interests
23
5
41
46
199
Phillips 66
$
346
1,015
2,109
2,097
5,755
Adjusted
Earnings
Millions of Dollars
2024
2023
3Q
2Q
Sep YTD
3Q
Sep YTD
Midstream
$
672
753
2,038
581
1,915
Chemicals
342
222
769
104
494
Refining
(67
)
302
548
1,742
4,525
Marketing and Specialties
583
415
1,305
605
1,501
Renewable Fuels
(116
)
(55
)
(226
)
22
164
Corporate and Other
(327
)
(340
)
(989
)
(303
)
(812
)
Pre-Tax Income
1,087
1,297
3,445
2,751
7,787
Less: Income tax expense
205
278
709
660
1,768
Less: Noncontrolling interests
23
35
71
21
218
Phillips 66
$
859
984
2,665
2,070
5,801
Millions of Dollars
Except as Indicated
2024
2023
3Q
2Q
Sep YTD
3Q
Sep YTD
Reconciliation of Consolidated Earnings
to Adjusted Earnings
Consolidated Earnings
$
346
1,015
2,109
2,097
5,755
Pre-tax adjustments:
Impairments1
28
224
415
—
—
Net gain on asset dispositions
—
(238
)
(238
)
(101
)
(123
)
Change in inventory method for acquired
business
—
—
—
(46
)
(46
)
Los Angeles Refinery shutdown-related
costs2
41
—
41
—
—
Legal accrual3
605
—
605
30
30
Legal settlement
—
—
(66
)
—
—
Business transformation restructuring
costs
—
—
—
51
127
Loss on early redemption of DCP debt
—
—
—
—
53
DCP integration restructuring costs
—
—
—
4
38
Tax impact of adjustments4
(161
)
13
(171
)
10
(14
)
Noncontrolling interests
—
(30
)
(30
)
25
(19
)
Adjusted earnings
$
859
984
2,665
2,070
5,801
Earnings per share of common stock
(dollars)
$
0.82
2.38
4.94
4.69
12.61
Adjusted earnings per share of common
stock (dollars)5
$
2.04
2.31
6.25
4.63
12.71
Reconciliation of Segment Pre-Tax
Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income
$
644
767
1,965
724
2,060
Pre-tax adjustments:
Impairments1
28
224
311
—
—
Net gain on asset disposition
—
(238
)
(238
)
(101
)
(137
)
Change in inventory method for acquired
business
—
—
—
(46
)
(46
)
DCP integration restructuring costs
—
—
—
4
38
Adjusted pre-tax income
$
672
753
2,038
581
1,915
Chemicals Pre-Tax Income
$
342
222
769
104
494
Pre-tax adjustments:
None
—
—
—
—
—
Adjusted pre-tax income
$
342
222
769
104
494
Refining Pre-Tax Income (Loss)
$
(108
)
302
410
1,712
4,481
Pre-tax adjustments:
Impairments1
—
—
104
—
—
Los Angeles Refinery shutdown-related
costs2
41
—
41
—
—
Net loss on asset disposition
—
—
—
—
14
Legal accrual3
—
—
—
30
30
Legal settlement
—
—
(7
)
—
—
Adjusted pre-tax income (loss)
$
(67
)
302
548
1,742
4,525
Marketing and Specialties Pre-Tax
Income (Loss)
$
(22
)
415
759
605
1,501
Pre-tax adjustments:
Legal accrual3
605
—
605
—
—
Legal settlement
—
—
(59
)
—
—
Adjusted pre-tax income
$
583
415
1,305
605
1,501
Renewable Fuels Pre-Tax Income
(Loss)
$
(116
)
(55
)
(226
)
22
164
Pre-tax adjustments:
None
—
—
—
—
—
Adjusted pre-tax income (loss)
$
(116
)
(55
)
(226
)
22
164
Corporate and Other Pre-Tax
Loss
$
(327
)
(340
)
(989
)
(354
)
(992
)
Pre-tax adjustments:
Business transformation restructuring
costs
—
—
—
51
127
Loss on early redemption of DCP debt
—
—
—
—
53
Adjusted pre-tax loss
$
(327
)
(340
)
(989
)
(303
)
(812
)
1 Impairments primarily related to certain
gathering and processing assets in the Midstream segment, as well
as certain crude oil processing and logistics assets in California,
reported in the Refining segment.
2 Shutdown-related costs recorded in the
Refining segment include pre-tax charges for severance costs.
3 Legal accrual primarily related to
ongoing litigation.
4 We generally tax effect taxable
U.S.-based special items using a combined federal and state
statutory income tax rate of approximately 24%. Taxable special
items attributable to foreign locations likewise use a local
statutory income tax rate. Nontaxable events reflect zero income
tax. These events include, but are not limited to, most goodwill
impairments, transactions legislatively exempt from income tax,
transactions related to entities for which we have made an
assertion that the undistributed earnings are permanently
reinvested, or transactions occurring in jurisdictions with a
valuation allowance.
5 YTD 2024, Q3 2024, Q3 2023 are based on
adjusted weighted-average diluted shares of 426,301 thousand,
419,827 thousand, and 447,255 thousand, respectively. Other periods
are based on the same weighted-average diluted shares outstanding
as that used in the GAAP diluted earnings per share calculation.
Income allocated to participating securities, if applicable, in the
adjusted earnings per share calculation is the same as that used in
the GAAP diluted earnings per share calculation.
Millions of Dollars
Except as Indicated
2024
3Q
2Q
Reconciliation of Consolidated Net
Income to Adjusted EBITDA
Net Income
$
369
1,020
Plus:
Income tax expense
44
291
Net interest expense
191
200
Depreciation and amortization
543
497
Phillips 66 EBITDA
$
1,147
2,008
Special Item Adjustments (pre-tax):
Impairments
28
224
Net gain on asset disposition
—
(238
)
Los Angeles Refinery shutdown-related
costs
41
—
Legal accrual
605
—
Legal settlement
—
—
Total Special Item Adjustments
(pre-tax)
674
(14
)
Change in Fair Value of NOVONIX
Investment
—
7
Phillips 66 EBITDA, Adjusted for
Special Items and Change in Fair Value of NOVONIX
Investment
$
1,821
2,001
Other Adjustments (pre-tax):
Proportional share of selected equity
affiliates income taxes
24
26
Proportional share of selected equity
affiliates net interest
12
19
Proportional share of selected equity
affiliates depreciation and amortization
188
195
Adjusted EBITDA attributable to
noncontrolling interests
(47
)
(58
)
Phillips 66 Adjusted EBITDA
$
1,998
2,183
Reconciliation of Segment Income before
Income Taxes to Adjusted EBITDA
Midstream Income before income
taxes
$
644
767
Plus:
Depreciation and amortization
233
224
Midstream EBITDA
$
877
991
Special Item Adjustments (pre-tax):
Net gain on asset disposition
—
(238
)
Impairments
28
224
Midstream EBITDA, Adjusted for Special
Items
$
905
977
Other Adjustments (pre-tax):
Proportional share of selected equity
affiliates income taxes
5
5
Proportional share of selected equity
affiliates net interest
3
10
Proportional share of selected equity
affiliates depreciation and amortization
26
37
Adjusted EBITDA attributable to
noncontrolling interests
(47
)
(58
)
Midstream Adjusted EBITDA
$
892
971
Chemicals Income before income
taxes
$
342
222
Plus:
None
—
—
Chemicals EBITDA
$
342
222
Special Item Adjustments (pre-tax):
None
—
—
Chemicals EBITDA, Adjusted for Special
Items
$
342
222
Other Adjustments (pre-tax):
Proportional share of selected equity
affiliates income taxes
13
15
Proportional share of selected equity
affiliates net interest
(2
)
—
Proportional share of selected equity
affiliates depreciation and amortization
113
111
Chemicals Adjusted EBITDA
$
466
348
Refining Income (loss) before income
taxes
$
(108
)
302
Plus:
Depreciation and amortization
230
204
Refining EBITDA
$
122
506
Special Item Adjustments (pre-tax):
Los Angeles Refinery shutdown-related
costs
41
—
Refining EBITDA, Adjusted for Special
Items
$
163
506
Other Adjustments (pre-tax):
Proportional share of selected equity
affiliates income taxes
(1
)
1
Proportional share of selected equity
affiliates net interest
(1
)
(2
)
Proportional share of selected equity
affiliates depreciation and amortization
27
26
Refining Adjusted EBITDA
$
188
531
Marketing and Specialties Income (loss)
before income taxes
$
(22
)
415
Plus:
Depreciation and amortization
32
32
Marketing and Specialties
EBITDA
$
10
447
Special Item Adjustments (pre-tax):
Legal accrual
605
—
Marketing and Specialties EBITDA,
Adjusted for Special Items
$
615
447
Other Adjustments (pre-tax):
Proportional share of selected equity
affiliates income taxes
7
5
Proportional share of selected equity
affiliates net interest
12
11
Proportional share of selected equity
affiliates depreciation and amortization
22
21
Marketing and Specialties Adjusted
EBITDA
$
656
484
Renewable Fuels Loss before income
taxes
$
(116
)
(55
)
Plus:
Depreciation and amortization
24
12
Renewable Fuels EBITDA
$
(92
)
(43
)
Special Item Adjustments (pre-tax):
None
—
—
Renewable Fuels EBITDA, Adjusted for
Special Items
$
(92
)
(43
)
Corporate and Other Loss before income
taxes
$
(327
)
(340
)
Plus:
Net interest expense
191
200
Depreciation and amortization
24
25
Corporate and Other EBITDA
$
(112
)
(115
)
Special Item Adjustments (pre-tax):
None
—
—
Total Special Item Adjustments
(pre-tax)
—
—
Change in Fair Value of NOVONIX
Investment
—
7
Corporate EBITDA, Adjusted for Special
Items and Change in Fair Value of NOVONIX Investment
$
(112
)
(108
)
Millions of Dollars
Except as Indicated
September 30, 2024
Debt-to-Capital Ratio
Total Debt
$
19,998
Total Equity
29,784
Debt-to-Capital Ratio
40
%
Total Cash
1,637
Net Debt-to-Capital Ratio
38
%
Millions of Dollars
September 30, 2024
Reconciliation of Net Cash Used in
Operating Activities to Operating Cash Flow, Excluding
Working Capital
Net Cash Used in Operating Activities
$
1,132
Less: Net Working Capital Changes
(381
)
Operating Cash Flow, Excluding Working
Capital
$
1,513
Millions of Dollars
Except as Indicated
2024
3Q
2Q
Reconciliation of Refining Income
(Loss) Before Income Taxes to Realized Refining
Margins
Income (loss) before income taxes
$
(108
)
302
Plus:
Taxes other than income taxes
100
74
Depreciation, amortization and
impairments
230
203
Selling, general and administrative
expenses
60
51
Operating expenses
922
884
Equity in earnings of affiliates
12
(33
)
Other segment expense, net
(4
)
(1
)
Proportional share of refining gross
margins contributed by equity affiliates
193
260
Special items:
None
—
—
Realized refining margins
$
1,405
1,740
Total processed inputs (thousands of
barrels)
145,440
151,296
Adjusted total processed inputs (thousands
of barrels)*
168,951
174,107
Income (loss) before income taxes
(dollars per barrel)**
$
(0.74
)
2.00
Realized refining margins (dollars per
barrel)***
$
8.31
10.01
*Adjusted total processed inputs include
our proportional share of processed inputs of an equity
affiliate.
**Income before income taxes divided by
total processed inputs.
***Realized refining margins per barrel,
as presented, are calculated using the underlying realized refining
margin amounts, in dollars, divided by adjusted total processed
inputs, in barrels. As such, recalculated per barrel amounts using
the rounded margins and barrels presented may differ from the
presented per barrel amounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241029179060/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Owen Simpson (investors) 832-765-2297 owen.simpson@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
Phillips 66 (NYSE:PSX)
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