Phillips 66
Phillips 66 Reports Fourth-Quarter 2024 Financial Results
Summary
Phillips 66 reported a fourth-quarter 2024 earnings of $8 million, significantly lower than the $346 million reported in the third quarter, primarily due to $230 million in accelerated depreciation related to the Los Angeles Refinery. The company also reported an adjusted loss of $61 million for the quarter. Phillips 66 achieved record volumes in its Midstream and Refining segments, returning over $1 billion to shareholders through dividends and share repurchases, and surpassing its $3 billion target for asset dispositions. Full-year 2024 earnings were $2.1 billion, with adjusted earnings of $2.6 billion, and over $5 billion returned to shareholders. The company's strategic priorities for 2025 include debt reduction, cost structure improvements, and EBITDA growth.
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About Phillips 66
Phillips 66 is a renowned American multinational energy company involved in refining, transporting, and marketing petroleum products. Engaging primarily as a downstream sector entity, Phillips 66 operates an extensive network of refineries, pipelines, and retail stations across the globe. The company's main function is to refine crude oil into marketable fuels such as gasoline, diesel, and jet fuel, as well as petrochemical products that serve as building blocks for various industrial applications. Additionally, Phillips 66 is known for its logistics and midstream operations, which include pipelines and trucking services that facilitate efficient energy distribution. The company plays a critical role in the energy sector, impacting industries ranging from transportation to manufacturing. By maintaining a strategic focus on safety, environmental stewardship, and operational excellence, Phillips 66 contributes significantly to the global energy supply chain. Established in 1875 and headquartered in Houston, Texas, Phillips 66 continues to provide essential energy solutions while adapting to evolving market dynamics and sustainability demands.
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