# Phillips 66 Q3 Earnings Beat

> Phillips 66 posts Q3 earnings beat with refining margins nearly doubling.
- Title: Phillips 66 Q3 Earnings Beat · BigGo Finance | Shortify
- Summary: Phillips 66 posts Q3 earnings beat with refining margins nearly doubling. Phillips 66 reported Q3 adjusted earnings of $14.08 per share, beating estimates…
- Keywords: phillips 66, refining margins, q3 2026, stock rebound, western gateway pipeline, chevron phillips chemical, finance, markets, Phillips, Earnings, Beat, BigGo Finance
- Source: BigGo Finance — https://finance.biggo.com/news/01578227-f90d-453a-a2ec-1b3d65a9c9d1
- Author: BigGo Finance
- Published: 2026-10-28T16:55:35+00:00
- Read time: 1 min
- Topics: phillips 66, refining margins, q3 2026, stock rebound, western gateway pipeline, chevron phillips chemical, finance, markets
## 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.
## Key takeaway

Phillips 66 reported Q3 adjusted earnings of $14.08 per share, beating estimates, driven by refining margins rising to $38.00 per barrel.