Business News: Phillips 66 Reports Second-Quarter Earnings of $1.4 Billion or $3.12 Per Share

Adjusted earnings of $1.4 billion or $3.02 per share

HOUSTON, TX (STL.News)  – Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces second-quarter 2019 earnings of $1.4 billion, compared with $204 million in the first quarter of 2019.  Excluding special items of $45 million in the second quarter, adjusted earnings were $1.4 billion, compared with first-quarter adjusted earnings of $187 million.

“During the quarter we delivered solid financial results and demonstrated our commitment to operating excellence through safe and reliable operations,” said Greg Garland, chairman and CEO of Phillips 66.  “Refining achieved 97% utilization and captured favorable margins.  Midstream delivered record results, and at PSXP we are simplifying the capital structure with the elimination of IDRs.”

“We are further expanding our integrated crude oil network with the additions of the Liberty and Red Oak pipelines, and we are moving forward with a fourth NGL fractionator at our Sweeny Hub.  In Chemicals, CPChem announced strategic partnerships to develop ethylene and polyethylene capacity on the U.S. Gulf Coast and in the Middle East.  These projects align with our strategy to grow our higher-value Midstream and Chemicals businesses.”

“We returned $861 million to shareholders through dividends and share repurchases this quarter.  We are committed to disciplined capital allocation and target reinvesting 60% of our operating cash flow back into the business and returning 40% to shareholders.”

WARNING: This is not the complete report.

CLICK to VIEW COMPLETE REPORT