Phillips 66 reported first quarter 2018 earnings of $524 million and adjusted earnings of $512 million.
The Houston-based company with major operations in Bartlesville, Oklahoma compared the earnings to fourth-quarter 2017 earnings of $3.2 billion and adjusted earnings of $548 million. The $524 million in first quarter earnings amounted to $1.07 per share. The adjusted earnings were $1.04 per share.
But in releasing the report, the company said it still returned $3.8 billion to shareholders through dividends and share repurchases.
“We had a strong start to the year,” said Greg Garland, chairman and CEO of Phillips 66. “We delivered solid earnings, operated well, advanced strategic initiatives, and continued rewarding our shareholders with significant distributions. Our earnings reflect the benefit of our diversified portfolio, and we are also seeing positive, ongoing impacts from U.S. tax reform.”
The company noted it repurchased more than 37 million shares representing a 7 percent reduction in shares outstanding during the quarter.
A breakdown of operations shows midstream first-quarter net income was $233 million compared to $139 million in the fourth quarter of 2017.
Transportation adjusted net income in the first quarter was $136 million, an increase of $28 million from the previous quarter.
NGL and Other first-quarter adjusted net income was $73 million, compared with $20 million in the fourth quarter of 2017. First-quarter adjusted net income reflects improved realized ma