Phillips 66 said net income attributable to Phillips 66 for 2024 was $2,117 million, down from $7,015 million in 2023. The company cited lower realized refining margins driven by declining market crack spreads as the primary factor, partially offset by lower income tax expense.

1. 01

   Phillips 66 said net income attributable to Phillips 66 for 2024 was $2,117 million, down from $7,015 million in 2023. The company cited lower realized refining margins driven by declining market crack spreads as the primary factor, partially offset by lower income tax expense.

2. 02

   Results from the Refining segment decreased $5,705 million in 2024 compared with 2023, the company said, citing lower realized margins as a result of declining market crack spreads. Worldwide refining crude oil capacity utilization was 95% in 2024 and 92% in 2023.

3. 03

   Cash provided by operating activities was $4.2 billion in 2024, down $2.8 billion from 2023, the company said. It cited lower earnings from declined realized refining margins as the primary factor, partially offset by more favorable working capital impacts.

4. 04

   Phillips 66 returned $5.3 billion to shareholders through share repurchases and dividends in 2024 and distributed a total of $13.6 billion to shareholders from July 2022 through year-end 2024, achieving its target of $13 billion to $15 billion. Share repurchases in 2024 were $3.5 billion and dividends were $1.9 billion.

Key figures

Fiscal year ended December 31, 2024

Revenue

$143.2B

Net income

$2.1B

EPS

$4.99

Operating cash flow

$4.2B

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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