Petroleum Refineries Major Phillips 66 Shares Are Up Today: Details

Phillips 66 PSX shares are trading higher after it reported better-than-expected fourth-quarter results.

Revenue of $38.74 billion exceeded the consensus of $36.50 billion. Adjusted EPS of $3.09 beat the consensus of $2.35.

Midstream segment adjusted pre-tax income stood at $754 million, vs. $569 million in the third quarter of fiscal 2023.

The Chemicals segment adjusted pre-tax income was $106 million vs. $104 million in prior quarter. Global olefins and polyolefins utilization was at 94% for the quarter.

The Refining segment adjusted pre-tax income stood at $797 million (vs. $1.74 billion in Q3), reflecting lower realized margins.

Marketing and Specialties segment adjusted pre-tax income declined to $432 million from $633 million prior quarter, owing to seasonally lower domestic wholesale fuel margins.

Phillips 66’s operating cash flow stood at $2.2 billion in the quarter. As of Dec. 31, it had $3.3 billion of cash and cash equivalents and $6.4 billion of committed capacity available under credit facilities.

During the fourth quarter, Phillips 66 funded $634 million of capital expenditures and investments, $1.2 billion of share repurchases, and $457 million in dividends.

Phillips 66 continued to project shareholder distributions of $13 billion to $15 billion by 2024.

Also Read: Phillips 66 Unveils Ambitious $2.2B CapEx Plan For 2024 – Plans Massive Capital Injection For Refining And Midstream Projects

Phillips 66 achieved $1.2 billion in run-rate cost and capital reductions, with a $1.4 billion target for 2024.

The company plans to sell non-core assets, expecting to generate over $3 billion in proceeds. In 2023, Phillips 66 generated $392 million from proceeds from asset dispositions.

Related: Petroleum Refineries Company Phillips 66 Eyes Non-Core Asset Divestiture: Report

Price Action: PSX shares are up 1.04% at $143.89 on the last check Wednesday.