Phillips 66 announced fourth-quarter earnings of $1.3 billion, compared with earnings of $2.1 billion in the third quarter, earnings that beat expectations.
Excluding special items of $102 million, the company had adjusted earnings of $1.4 billion in the fourth quarter, compared with third-quarter adjusted earnings of $2.1 billion. In addition, the company provided an update on progress toward its strategic priorities.
“In the fourth quarter, our team’s operating and commercial excellence allowed us to capture value across our diversified and integrated portfolio and deliver strong earnings,” said Mark Lashier, president and CEO of Phillips 66.
“In Refining, we increased market capture and continued to deliver above industry average crude utilization. In Midstream, our NGL wellhead-to-market business continues to exceed our expectations, achieving strong results and record volumes in the quarter.
“As we look forward, we will continue to execute our strategic priorities to deliver significant shareholder value. During 2023, we distributed well over 50% of our operating cash flow to shareholders through dividends and share repurchases. We have distributed $8.3 billion to shareholders since July 2022, on pace to achieve our $13 billion to $15 billion target by year-end 2024.”
“The Board is pleased with the company’s results, which reflect management’s progress on our strategic priorities and our collective commitment to deliver shareholder value today and in the future,” stated Glenn Tilton, Lead Independent Director.
Here is a summary of its finance report:
- Fourth-quarter earnings of $1.3 billion or $2.86 per share; adjusted earnings of $1.4 billion or $3.09 per share
- $2.2 billion of operating cash flow
- $1.6 billion returned to shareholders through dividends and share repurchases
- Strong Refining operations at 92% utilization and 107% market capture
- Record NGL fractionation volumes and LPG export volumes
Full-Year 2023
- Earnings of $7.0 billion or $15.48 per share; adjusted earnings of $7.2 billion or $15.81 per share
- $7.0 billion of operating cash flow, $8.8 billion excluding working capital
- $5.9 billion returned to shareholders through dividends and share repurchases
- Quarterly dividend increased 8% to $1.05 per common share
- $1.2 billion in run-rate business transformation savings
- Strong Refining operations with four consecutive quarters above industry-average crude utilization
- Advancing Midstream NGL wellhead-to-market strategy; acquired all outstanding DCP Midstream, LP public common units
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