Phillips 66 (NYSE: PSX) reported Q2 EPS of ($0.74), $0.18 better than the analyst estimate of ($0.92).

• Reported a second-quarter loss of $141 million or $0.33 per share; adjusted loss of $324 million or $0.74 per share
• Generated $764 million of operating cash flow
• Issued $2 billion of senior notes during the quarter; increased term loan capacity by $1 billion
• Started full operations on the Gray Oak Pipeline
• Reached milestone at South Texas Gateway Terminal with first export cargo loaded in July
• Operated at 103% O&P utilization in Chemicals; record polyethylene sales volumes
• Recently acquired 95 sites in U.S. West Coast retail marketing joint venture

“The global pandemic has presented challenges unlike any we have seen before,” said Greg Garland, chairman and CEO of Phillips 66. “We are proud of how Phillips 66 employees are demonstrating steadfast commitment to our values as we deliver essential energy products to our customers. Our top priority remains the health and safety of our employees, their families and communities.

“Our second-quarter results reflect the disruption in refined product demand from COVID-19 and weak margins across our businesses. Despite the challenging market environment, we operated safely and reliably, and reached key strategic milestones. In Midstream, the Gray Oak Pipeline started full operations during the quarter, and the South Texas Gateway Terminal began commercial operations in July. CPChem operated at 103% utilization, meeting strong polymer demand for food packaging and medical supplies. In Marketing, the U.S. West Coast retail joint venture recently completed the previously announced acquisition of 95 sites.

“We took steps to enhance the company’s financial flexibility and liquidity with the issuance of senior notes and an increase of our term loan capacity. With our dedicated employees, diversified portfolio and financial strength, Phillips 66 is well positioned to successfully manage through the current environment. We remain committed to operating excellence, a strong balance sheet, disciplined capital allocation and delivering returns to shareholders.”

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