Phillips 66 (PSX) Q2 2022 Earnings Results

Jul 30th, 2022 22:09 EST
  • Phillips 66 (PSX) recently announced its Q2 2022 earnings results. These are the details.

Phillips 66 (NYSE: PSX) recently announced the Q2 2022 earnings results. These were the highlights:

— Reported second-quarter earnings of $3.2 billion or $6.53 per share; adjusted earnings of $3.3 billion or $6.77 per share

— Generated $1.8 billion of operating cash flow; $3.6 billion excluding working capital

— Repaid $1.5 billion of debt

— Returned $533 million to shareholders through dividends and share repurchases

— Continued record-setting NGL fractionated volumes

— Strong refining operations including the execution of planned turnarounds

— Received API pipeline safety award for a second consecutive year

— Announced final investment decision on Rodeo Renewed project

KEY QUOTES:

“Our earnings reflect the strong market environment during the second quarter driven by a tight global product supply and demand balance. We are focused on reliably providing critical energy products, including transportation fuels, to meet peak summer demand. We also advanced strategic capital projects to help meet the growing demand for renewable fuels and NGLs.”

“During the second quarter, we paid down $1.5 billion of debt, increased our dividend and resumed share repurchases. Additionally, we are transforming our business to achieve sustained annual cost savings of at least $700 million to ensure we remain competitive in any market environment. We will continue to prioritize operating excellence and disciplined capital allocation.”

— Mark Lashier, President and CEO of Phillips 66

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