Earnings down for Phillips 66

Phillips 66, 900 E State Highway 152, Mustang, OK, Convenience Stores -  MapQuest


Phillips 66 announced fourth-quarter 2022 earnings of $1.9 billion, compared with earnings of $5.4 billion in the third quarter of 2022.

In Tuesday’s announcement, the company said the $1.9 billion in earnings translated into $3.97 per share. Adjusted earnings were $1.9 billion or $4 a share. The firm also generated $4.8 billion in operating cash flow.

Phillips 66 also returned $1.2 billion to shareholders through dividends and share repurchases. The firm also authorized a $5 billion increase to the share repurchase program.

Excluding special items of $15 million, the company had adjusted earnings of $1.9 billion in the fourth quarter, compared with third-quarter adjusted earnings of $3.1 billion.

For the full year, Phillips saw $11 billion or $23.27 per share in earnings for 2022 and adjusted earnings of $8.9 billion or $18.79 a share.

During the year, the company paid down $2.4 billion in debt and returned $3.3 billion to shareholders.

“Our integrated portfolio positioned us to generate robust earnings and cash flow in 2022, supported by a favorable market environment, solid operations and strong safety performance,” said Mark Lashier, President and CEO of Phillips 66. “During 2022 we increased shareholder distributions and strengthened our balance sheet by repaying debt. Since July 2022, we have returned $2.4 billion to shareholders through share repurchases and dividends as we progress toward our commitment to return $10 billion to $12 billion by year-end 2024.”

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