Phillips 66 third quarter earnings took a punch to the face, tumbling from $1 billion in the second quarter to $346 million.
The Houston-based company said its adjusted earnings were $859 million versus $984 million in the previous quarter. Part of the drop was related to the $41 million in costs of the planned shutdown of the company’s Los Angeles Refinery and a $28 million impairment in the Midstream segment.
As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.
“We have achieved our cost reduction and Midstream synergy targets,” said Marak Lashier, chairman and CEO. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.”