Phillips 66 (PSX) Misses Q2 EPS by 31c; Authorizes Additional $1B Buyback
Phillips 66 (NYSE: PSX) reported Q2 EPS of $1.50, $0.31 worse than the analyst estimate of $1.81.
“We continued to generate strong cash flows, despite less than favorable market conditions,” said Greg Garland, chairman and CEO of Phillips 66. “This enabled us to return more than $700 million of capital to our shareholders and strengthen our balance sheet, as planned. Reinforcing our commitment to creating shareholder value, our board of directors has authorized another $1.0 billion of share repurchases, in addition to the previously authorized $2.0 billion program.”
“Earnings declined from the previous quarter mostly as a result of the significant reduction in advantaged crude discounts and unplanned downtime in Chemicals and Refining. The company’s strategy remains unchanged. We will continue to enhance refining returns through increasing use of advantaged crudes while growing our higher-valued businesses,” said Garland.
“We continued to generate strong cash flows, despite less than favorable market conditions,” said Greg Garland, chairman and CEO of Phillips 66. “This enabled us to return more than $700 million of capital to our shareholders and strengthen our balance sheet, as planned. Reinforcing our commitment to creating shareholder value, our board of directors has authorized another $1.0 billion of share repurchases, in addition to the previously authorized $2.0 billion program.”
“Earnings declined from the previous quarter mostly as a result of the significant reduction in advantaged crude discounts and unplanned downtime in Chemicals and Refining. The company’s strategy remains unchanged. We will continue to enhance refining returns through increasing use of advantaged crudes while growing our higher-valued businesses,” said Garland.
For earnings history and earnings-related data on Phillips 66 (PSX) click here.