From BigGo Finance · BigGo Finance · · 1m
Phillips 66 Q3 Earnings Beat
Phillips 66 posts Q3 earnings beat with refining margins nearly doubling.
In brief
Phillips 66 posts Q3 earnings beat with refining margins nearly doubling. Phillips 66 reported Q3 adjusted earnings of $14.08 per share, beating estimates, driven by refining margins rising to $38.00 per barrel. Originally reported by BigGo Finance.
Phillips 66 Q3 Results
Phillips 66 reported third-quarter adjusted earnings of $14.08 per share, beating analyst estimates of $11.7 to $11.8.
Refining Margins Double
Refining margins nearly doubled to $38.00 per barrel from $24.08 in Q2.
Record Utilization
Utilization reached 98% with distillate yield at 41% record for Q3.
Midstream Results
Midstream reported pre-tax income of $702 million, down from $785 million.
Capital Returns
Company returned $2.8 billion to shareholders, cutting debt by $2.0 billion.
Project Pipeline
Western Gateway Pipeline targets 2029 start-up with Golden Triangle Polymers Project due 2027.
Stock Rebound
Shares rose after 6% drop tied to Iran war tensions and Russian diesel concerns.
Here's the gist
Phillips 66 reported Q3 adjusted earnings of $14.08 per share, beating estimates, driven by refining margins rising to $38.00 per barrel.
