Phillips 66 (NYSE: PSX) reported Q4 EPS of $0.31, below the analyst estimate of $0.40.

• Generated $667 million in cash from operations
• Returned $558 million of capital to shareholders
• Phillips 66 Partners acquired Phillips 66 midstream assets for $1.3 billion and raised $1.1 billion through a debt offering
• Restructured DCP Midstream
• Started up Freeport LPG Export Terminal
• Commissioned 1.2 million barrels of additional crude storage at the Beaumont Terminal

"During 2016, we delivered strong operating performance, advanced our growth projects, managed costs, and rewarded our shareholders,” said Greg Garland, chairman and CEO of Phillips 66. “We achieved record safety performance and refining utilization rates, started up the Freeport LPG export facility and returned $2.3 billion to shareholders through dividends and share repurchases. However, fourth-quarter financial results were disappointing, and reflect challenging market conditions.”

“We expect to generate additional free cash flow and create shareholder value as we complete major growth projects in 2017. Our portfolio of refining, midstream, chemicals and marketing assets positions us to capture opportunities across the value chain. We remain committed to operating excellence and growing our higher-valued businesses, while maintaining a strong balance sheet and disciplined capital allocation.”

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