The company said Phillips 66 net income attributable to Phillips 66 fell to $748 million in Q1 2024 from $2 billion in Q1 2023. The company cited lower realized refining margins as the main factor, partially offset by lower income tax expense.

10-QQuarterly reportFiled Apr 29, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said Phillips 66 net income attributable to Phillips 66 fell to $748 million in Q1 2024 from $2 billion in Q1 2023. The company cited lower realized refining margins as the main factor, partially offset by lower income tax expense.
The company said Refining segment results decreased $1,477 million in Q1 2024. The company attributed the decrease mainly to lower realized margins, partially offset by higher volumes. It said the margin decline was driven mainly by lower market crack spreads, feedstock advantage and secondary product margins.
The company said it used $236 million of cash in operating activities in Q1 2024. It said it received $802 million in proceeds from debt issuances, net of debt repayments, spent $628 million on capital expenditures and investments, repurchased shares of common stock for $1.2 billion, and paid dividends of $448 million. Cash and cash equivalents at quarter-end were $1.6 billion.
The company said its wholly owned subsidiary Phillips 66 Company issued $1.5 billion in senior unsecured notes on February 28, 2024, and entered into a $5 billion revolving credit agreement maturing on February 28, 2029 the same day. As of March 31, 2024, total committed capacity available was approximately $3.5 billion.

Key figures

Quarter ended March 31, 2024

Revenue: $35.8B
Net income: $748M
EPS: $1.73
Operating cash flow: −$236M

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.

Q1 2024 Phillips 66 Net Income Attributable to Phillips 66 $748 million

The company said Phillips 66 net income attributable to Phillips 66 fell to $748 million in Q1 2024 from $2 billion in Q1 2023. The company cited lower realized refining margins as the main factor, partially offset by lower income tax expense.

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

Refining Segment Results Down $1,477 million

The company said Refining segment results decreased $1,477 million in Q1 2024. The company attributed the decrease mainly to lower realized margins, partially offset by higher volumes. It said the margin decline was driven mainly by lower market crack spreads, feedstock advantage and secondary product margins.

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

Q1 2024 Operating Cash Flow and Use of Cash

The company said it used $236 million of cash in operating activities in Q1 2024. It said it received $802 million in proceeds from debt issuances, net of debt repayments, spent $628 million on capital expenditures and investments, repurchased shares of common stock for $1.2 billion, and paid dividends of $448 million. Cash and cash equivalents at quarter-end were $1.6 billion.

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

Senior Unsecured Notes Issued and New Revolving Credit Facility

The company said its wholly owned subsidiary Phillips 66 Company issued $1.5 billion in senior unsecured notes on February 28, 2024, and entered into a $5 billion revolving credit agreement maturing on February 28, 2029 the same day. As of March 31, 2024, total committed capacity available was approximately $3.5 billion.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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