Phillips 66 said net income attributable to Phillips 66 was $1 billion in Q2 2024, down from $1.7 billion in Q2 2023. The company cited lower realized refining margins as the main factor for the decline. It said lower income tax expense and a before-tax gain of $238 million on the REX stake sale partially offset the decrease.

1. 01

   Phillips 66 said net income attributable to Phillips 66 was $1 billion in Q2 2024, down from $1.7 billion in Q2 2023. The company cited lower realized refining margins as the main factor for the decline. It said lower income tax expense and a before-tax gain of $238 million on the REX stake sale partially offset the decrease.

2. 02

   The company said Refining segment results fell $873 million in Q2 2024 and $2,251 million over the 6-month period. It cited lower realized margins as a factor. The composite 3:2:1 market crack spread fell to an average of $28.65 per barrel in Q2 2023 from an average of $18.96 per barrel in Q2 2024.

3. 03

   The company said it sold a 25% stake in Rockies Express Pipeline LLC (REX) for about $685 million on June 14, 2024. It said it recognized a before-tax gain of $238 million in its Midstream segment in Q2 2024 in connection with the transaction.

4. 04

   The company said cash from operating activities was $1.9 billion in the first six months of 2024, compared with $2.2 billion in the first six months of 2023. During the same period, it repurchased common stock for $2 billion, funded capital expenditures and investments of $995 million, and paid dividends of $933 million. Cash and cash equivalents decreased to $2.4 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$38.1B

Net income

$1.0B

EPS

$2.38

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.

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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