-
Reported third-quarter earnings and adjusted earnings of $5.6 billion or $14.08 per share
-
Refining utilization of 98% with record Central Corridor processed inputs of 848 MBD
-
Third-quarter record distillate yield of 41%; clean product yield of 86%
-
Midstream fractionation volumes of 1 MMBD, wellhead volumes of 4.6 Bcf/D and 105% utilization at the Freeport LPG export dock
-
Returned $2.8 billion to shareholders through dividends and share repurchases
-
Decreased total debt by $2.0 billion to $18.5 billion; net debt by $3.8 billion to $12.7 billion
HOUSTON, October 28, 2026–(BUSINESS WIRE)–Phillips 66 (NYSE: PSX) announced third-quarter earnings.
“Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our integrated portfolio, commercial capabilities and focus on continuous improvement enable the company to create value for stakeholders.
“The company remains steadfast in its disciplined approach to capital allocation. We target returning more than 50% of net operating cash flow to shareholders and delivering attractive, sustainable dividend growth across commodity cycles. Our recently announced second dividend increase of 2026 reinforces the company’s commitment to prudent long-term returns of capital.”
Business Highlights
-
Reached a final investment decision to move forward with the proposed Western Gateway Pipeline system with an expected in-service date in 2029.
-
Chevron Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations for both expected in 2027.
-
Progressed the Coastal Bend expansion project, with initial volumes expected in the fourth quarter of 2026 and full ramp-up to 350 MBD in early 2027.
-
Delivered greater than $50 million of near-term synergies following the acquisition of the remaining 50% interest in WRB Refining LP on October 1, 2025.
Financial Results Summary
(in millions of dollars, except as indicated)
3Q 2026
2Q 2026
Earnings
$
5,616
3,847
Adjusted Earnings1
5,619
3,788
Adjusted EBITDA1
8,068
5,891
Earnings Per Share
Earnings Per Share – Diluted
14.08
9.55
Adjusted Earnings Per Share – Diluted1
14.08
9.41
Cash Flow from Operations
7,281
7,259
Cash Flow from Operations, Excluding Working Capital1
6,185
4,317
Capital Expenditures & Investments
680
726
Acquisitions, Net of Cash Acquired
—
113
Proceeds from Asset Dispositions
16
64
Return of Capital to Shareholders
2,777
887
Repurchases of Common stock
2,273
379
Dividends paid on Common stock
504
508
Cash and Cash Equivalents
5,848
4,099
Debt
18,530
20,565
Net Debt1
12,682
16,466
Debt-to-Capital Ratio
34
%
39
%
Net Debt-to-Capital Ratio1
26
%
33
%
1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
Segment Financial and Operating Highlights
(in millions of dollars, except as indicated)
3Q 2026
2Q 2026
Change
Earnings (Loss)1
$
5,616
3,847
1,769
Midstream
702
785
(83
)
Chemicals
311
404
(93
)
Refining
6,031
3,062
2,969
Marketing and Specialties
245
583
(338
)
Renewable Fuels
191
544
(353
)
Corporate and Other
(372
)
(407
)
35
Income tax expense
(1,469
)
(1,092
)
(377
)
Noncontrolling interests
(23
)
(32
)
9
Adjusted Earnings (Loss)1,2
$
5,619
3,788
1,831
Midstream
702
785
(83
)
Chemicals
311
404
(93
)
Refining
6,060
3,086
2,974
Marketing and Specialties
245
514
(269
)
Renewable Fuels
191
544
(353
)
Corporate and Other
(372
)
(407
)
35
Income tax expense
(1,495
)
(1,106
)
(389
)
Noncontrolling interests
(23
)
(32
)
9
Adjusted EBITDA2
$
8,068
5,891
2,177
Midstream
977
1,046
(69
)
Chemicals
423
528
(105
)
Refining
6,278
3,307
2,971
Marketing and Specialties
320
580
(260
)
Renewable Fuels
215
568
(353
)
Corporate and Other
(145
)
(138
)
(7
)
Operating Highlights
NGL Pipeline Throughput – Y-Grade to Market (MBD)3
982
943
39
NGL Fractionated (MBD)
1,003
1,020
(17
)
Chemicals Global O&P Capacity Utilization
92
%
91
%
1
%
Refining
Turnaround Expense
79
123
(44
)
Realized Margin ($/BBL)2
38.00
24.08
13.92
Crude Capacity Utilization
98
%
96
%
2
%
Clean Product Yield
86
%
86
%
—
%
Renewable Fuels Produced (MBD)
47
53
(6
)
1 Segment reporting is pre-tax.
2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66’s direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.
Third-Quarter 202
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
