Phillips 66 (PSX) Tops Q1 EPS by 24c

Phillips 66 (NYSE: PSX) reported Q1 EPS of ($1.16), $0.24 better than the analyst estimate of ($1.40).

• Reported a first-quarter loss of $654 million or $1.49 per share; adjusted loss of $509 million or $1.16 per share
• Financial and operating performance impacted by severe winter storms
• Recognized for exemplary 2020 safety performance in Refining, Midstream and Chemicals
• Recently started renewable diesel production at San Francisco Refinery
• Continued to advance lower-carbon initiatives

“Our first-quarter results reflect the impact of severe winter storms in the Central and Gulf Coast regions, as well as the ongoing COVID-19 pandemic,” said Greg Garland, Chairman and CEO of Phillips 66. “We realized lower utilization and higher costs across our businesses. We safely resumed operations following storm-related downtime and performed multiple turnarounds in the first quarter. We are proud of our employees and their commitment to operating excellence, particularly during these challenging times.

“We continued to execute our strategy despite these challenges. Earlier this month we commenced renewable diesel production at the San Francisco Refinery with the completion of the diesel hydrotreater conversion. Additionally, the South Texas Gateway Terminal was completed, and we advanced construction of the C2G Pipeline. We also published our inaugural Human Capital Management Report, which provides a comprehensive look at our approach to building a high-performing organization.

“We remain committed to a secure, competitive and growing dividend. In the first quarter, we paid $394 million in dividends to shareholders and repaid $500 million of debt. We will continue to take a disciplined approach to capital allocation, including debt repayment, as cash flow recovers.”

For earnings history and earnings-related data on Phillips 66 (PSX) click here.

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