Phillips 66 (NYSE: PSX) reported Q1 EPS of $0.40, $0.01 better than the analyst estimate of $0.39.

• Returned $708 million to shareholders through dividends and share repurchases
• Achieved 98% O&P capacity utilization in Chemicals
• Delivered record utilization at Sweeny fractionator and Freeport LPG export facility
• Advanced several large-scale Midstream growth projects
• Executed major turnaround program impacting five refineries
• Six refineries received industry recognition for exemplary safety performance
• Re-imaged over 300 branded sites in Marketing

“Our first-quarter results reflect the benefit of our diversified portfolio despite a weak market environment,” said Greg Garland, chairman and CEO of Phillips 66. “In Chemicals, CPChem operated at 98% O&P utilization, and in Midstream, we had strong operating performance across our NGL value chain. We executed major turnaround activities at several refineries and were impacted by unplanned downtime. We returned $708 million to shareholders through dividends and share repurchases in the quarter. We continued to advance our major growth projects, including the Gray Oak Pipeline and the new Sweeny fractionators.”

“We are dedicated to operating excellence and maintaining safe and reliable operations. We have a strong portfolio of growth projects and are focused on executing our capital program. Disciplined capital allocation is fundamental to our strategy, and we will invest in opportunities with attractive returns, while returning capital to shareholders through dividends and share buybacks.”

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