Phillips 66 (PSX) Tops Q2 EPS by $1.02

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Go back to Phillips 66 (PSX) Tops Q2 EPS by $1.02

Phillips 66 (PSX) Earnings Beat Reflects 'Strong Market Environment'

July 29, 2022 11:37 AM EDT

Despite an earlier dip, Phillips 66 (NYSE: PSX) shares are trading 1% higher Friday following its second-quarter earnings report.

The company beat earnings estimates, posting earnings per share of $6.77, $1.02 better than the analyst estimate of $5.75. In addition, cash flow from operations came in at $3.6 billion, and free cash flow was $3.2 billion.

The company said it is continuing its business transformation to enable sustainable cost reductions of at least $700 million annually across the enterprise.

During the second quarter, Phillips 66 paid down $1.5 billion of debt.

Our earnings reflect the strong market environment... More