The company said that net income attributable to Phillips 66 for 2023 was $7,015 million, down from $11,024 million in 2022. It cited the recognition of an aggregate before-tax gain of $3,013 million in its Midstream segment in 2022 in connection with the DCP Midstream Merger, and a decline in realized refining margins, as factors.

10-KAnnual reportFiled Feb 21, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said that net income attributable to Phillips 66 for 2023 was $7,015 million, down from $11,024 million in 2022. It cited the recognition of an aggregate before-tax gain of $3,013 million in its Midstream segment in 2022 in connection with the DCP Midstream Merger, and a decline in realized refining margins, as factors.
The company said it repurchased noncontrolling interests in DCP Midstream, LP (DCP LP) for $4.1 billion in 2023. It also said that the DCP LP Merger it completed on June 15, 2023 increased its aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%.
The company said operating cash flow for 2023 was $7 billion, a decrease of $3.8 billion from 2022. In the same year, it used cash to repurchase shares of common stock for $4 billion and to pay dividends on common stock of $1.9 billion.
The company said Refining segment results decreased by $2,550 million in 2023 compared with 2022, and it explained that the decline was driven by lower realized margins from a fall in market crack spreads. Its worldwide refining crude oil capacity utilization rate was 92% in 2022, compared with 90% in the prior year.

Key figures

Fiscal year ended December 31, 2023

Revenue: $147.4B
Net income: $7.0B
EPS: $15.48
Operating cash flow: $7.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Phillips 66 Net Income Attributable to the Company in 2023 $7,015 million

The company said that net income attributable to Phillips 66 for 2023 was $7,015 million, down from $11,024 million in 2022. It cited the recognition of an aggregate before-tax gain of $3,013 million in its Midstream segment in 2022 in connection with the DCP Midstream Merger, and a decline in realized refining margins, as factors.

Source · Based on the MD&A text of the filing

Repurchase of DCP LP Noncontrolling Interests for $4.1 billion and Economic Interest at 86.8%

The company said it repurchased noncontrolling interests in DCP Midstream, LP (DCP LP) for $4.1 billion in 2023. It also said that the DCP LP Merger it completed on June 15, 2023 increased its aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%.

Source · Based on the MD&A text of the filing

2023 Operating Cash Flow of $7 billion and Shareholder Returns

The company said operating cash flow for 2023 was $7 billion, a decrease of $3.8 billion from 2022. In the same year, it used cash to repurchase shares of common stock for $4 billion and to pay dividends on common stock of $1.9 billion.

Source · Based on the MD&A text of the filing

Refining Segment Before-Tax Results Down $2,550 million in 2023

The company said Refining segment results decreased by $2,550 million in 2023 compared with 2022, and it explained that the decline was driven by lower realized margins from a fall in market crack spreads. Its worldwide refining crude oil capacity utilization rate was 92% in 2022, compared with 90% in the prior year.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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