Phillips 66 (PSX) Tops Q3 EPS by 78c
Phillips 66 (NYSE: PSX) reported Q3 EPS of ($0.01), $0.78 better than the analyst estimate of ($0.79).
- Reported a third-quarter loss of $799 million or $1.82 per share; adjusted loss of $1 million or $0.01 per share
- Generated operating cash flow of $491 million; $795 million excluding working capital
- Captured improved market conditions in Midstream, Chemicals and Marketing & Specialties
- Recently started operations of Sweeny Fracs 2 and 3
- Announced San Francisco Refinery conversion into the world’s largest renewable fuels plant
“Our diversified, integrated portfolio helped us navigate a challenging market environment in the third quarter,” said Greg Garland, chairman and CEO of Phillips 66. “Our Midstream, Chemicals and Marketing businesses benefited from improved market conditions, while Refining continued to be impacted by weak margins. We advanced our growth strategy with the recent startup of Sweeny Fracs 2 and 3, marking completion of the Sweeny Hub phase 2 expansion. Also, we announced Rodeo Renewed, a project to reconfigure our San Francisco Refinery into the world’s largest renewable fuels plant, making investments that advance a lower carbon future.
“We are proud of how our employees continue to step up to the challenges of 2020, from the pandemic to the West Coast fires and the Gulf Coast hurricanes. Our response to the storms in particular underscored our commitment to operating excellence, as our facilities were secured and sustained minimal damage. The people of Phillips 66 continue to demonstrate our values of providing energy and improving lives in what has been a very uncertain and challenging environment.
“Our diversified businesses, strong balance sheet and disciplined capital allocation enable us to effectively manage through a low margin environment. We paid $393 million in dividends in the third quarter and are committed to a secure, competitive and growing dividend. We remain focused on creating value for shareholders through operating excellence, financial discipline and return-enhancing investments.”
For earnings history and earnings-related data on Phillips 66 (PSX) click here.