Phillips 66

Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress First-Quarter Results — First-quarter earnings of $748 million or $1.73 per share; adjusted earnings of $822 million or $1.90 per share — $1.6 billion returned to shareholders through dividends and share repurchases — Refining operated at 92% crude utilization — Recently announced 10% increase to the quarterly dividend to $1.15 per common share — Earned industry recognition for 2023 exemplary safety performance in Midstream, Refining and Chemicals Strategic Priorities Highlights — Returned $9.9 billion to shareholders through dividends and share repurchases since July 2022 — On track to achieve $1.4 billion of business transformation cost and sustaining capital savings by year-end 2024 — Launched process to divest retail marketing assets in Germany and Austria — Commenced operations at Rodeo Renewable Energy Complex HOUSTON–(BUSINESS WIRE)–April 26, 2024– Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced […]

The following is a summary of the Phillips 66 (PSX) Q1 2024 Earnings Call Transcript: Financial Performance: Phillips 66 reported adjusted earnings of $822 million, or $1.90 per share, for Q1 2024. Operating cash flow, excluding working capital was $1.2 billion. The company distributed $1.6 billion to shareholders through $1.2 billion of share repurchases and $448 million of dividends. Capital spending for the quarter was $628 million, and the adjusted effective tax rate was 21%. The net debt to capital ratio was 38%. Despite a loss in the first quarter for the Rodeo Renewed Project, Phillips 66 expects progression towards profitability with optimized performance over the year. Business Progress: The firm returned significant cash to shareholders and made progress on strategic priorities, despite being impacted by maintenance limiting its ability to create higher value products. Phillips 66 plans to divest its retail marketing business in Germany and Austria, distribute almost

JP Morgan analyst John Royall maintains Phillips 66 (NYSE:PSX) with a Overweight and raises the price target from $149 to $167.

Mizuho analyst Nitin Kumar maintains Phillips 66 (NYSE:PSX) with a Neutral and raises the price target from $135 to $167.

Wells Fargo analyst Roger Read maintains Phillips 66 (NYSE:PSX) with a Overweight and raises the price target from $163 to $179.

Phillips 66 (NYSE:PSX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/05/2024 -4.14% Barclays $132 → $139 Maintains Equal-Weight 02/01/2024 12.41% Wells Fargo $151 → $163 Maintains Overweight 02/01/2024 6.9% Raymond James $140 → $155 Maintains Outperform 12/19/2023 -3.45% Raymond James $128 → $140 Maintains Outperform 12/04/2023 3.45% TD Cowen $134 → $150 Maintains Outperform 10/31/2023 0.69% Wolfe Research → $146 Upgrades Peer Perform → Outperform 10/06/2023 -20% Mizuho $131 → $116 Maintains Neutral 10/06/2023 -11.72% Raymond James $133 → $128 Maintains Outperform 10/05/2023 -7.59% Piper Sandler $138 → $134 Maintains Overweight 09/20/2023 -8.28% Raymond James $125 → $133 Maintains Outperform 09/18/2023 -1.38% B of A Securities $141 → $143 Maintains Neutral 09/18/2023 -9.66% Mizuho $127 → $131 Maintains Neutral 09/08/2023 -0.69% Wells Fargo $130 → $144 Maintains Overweight 09/01/2023 -2.76% Goldman Sachs $125 → $141 Maintains Buy 08/16/2023 -12.41% Mizuho $118

The following is a summary of the Phillips 66 (PSX) Q4 2023 Earnings Call Transcript: Financial Performance: Phillips 66 reported Q4 2023 adjusted earnings of $1.4 billion or $3.09 per share, with operating cash flow of $2.2 billion. Total adjusted EBITDA for 2023 was $12.7 billion, reflecting a substantial contribution from Midstream and Marketing and Specialties. The company increased its quarterly dividend by 8% and returned over $8.3 billion to shareholders through dividends and share repurchases since July 2022. Capital spending for Q4 2023 was $634 million, with shareholders receiving $1.6 billion through dividends and share repurchases. The net debt to capital ratio was 34% at year’s end, with a 16% return on capital employed. Despite the DCP Midstream consolidation, which added approximately $200 million, the company managed to reduce its sustaining capital spend to under $900 million. Adjusted earnings decreased by $708 million in the fourth quarter, mainly due

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target remains $130, on an 8.1x multiple of projected 2024 operating cash flows, below PSX’s historical average. We believe a discount is merited due to our negative outlook for refining in 2024. We downgrade based on valuation, as PSX’s shares have grown 44% in the last 12 months, compared to the S&P 1500 Oil & Gas Refining & Marketing Index (+22%) and its peer average (+11%). We cut our 2024 EPS view by $1.60 to $12.26 and start 2025 at $12.60. Q4 EPS of $3.09 vs. $4.00 beat consensus by $0.71. Refining margins ($14.41/b) fell 27% Y/Y due to lower crack spreads. PSX expects 2024 capex to be in range of $2.2B (vs. $2.4B in 2023). We estimate PSX with free cash flow in range

Phillips 66 Delivers Strong 4Q 2023 Results, Advances Strategic Priorities Fourth Quarter — 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

Phillips 66 (NYSE:PSX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/19/2023 6.63% Raymond James $128 → $140 Maintains Outperform 12/04/2023 14.24% TD Cowen $134 → $150 Maintains Outperform 10/31/2023 11.2% Wolfe Research → $146 Upgrades Peer Perform → Outperform 10/06/2023 -11.65% Mizuho $131 → $116 Maintains Neutral 10/06/2023 -2.51% Raymond James $133 → $128 Maintains Outperform 10/05/2023 2.06% Piper Sandler $138 → $134 Maintains Overweight 09/20/2023 1.29% Raymond James $125 → $133 Maintains Outperform 09/18/2023 8.91% B of A Securities $141 → $143 Maintains Neutral 09/18/2023 -0.23% Mizuho $127 → $131 Maintains Neutral 09/08/2023 9.67% Wells Fargo $130 → $144 Maintains Overweight 09/01/2023 7.39% Goldman Sachs $125 → $141 Maintains Buy 08/16/2023 -3.27% Mizuho $118 → $127 Maintains Neutral 08/14/2023 2.06% Argus Research $125 → $134 Maintains Buy 08/03/2023 -0.99% Wells Fargo $111 → $130 Maintains Overweight 07/19/2023 -4.8% Morgan Stanley

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $115, which reflects a 7.1x multiple of our projected 2024 operating cash flow, slightly above PSX’s historical forward average. We raise our 2023 EPS estimate to $15.71 from $14.55 and 2024’s to $14.60 from $12.19. Q3 EPS of $4.63, vs. $6.46, missed consensus estimates by $0.10. Q3 refining margins ($18.96/b) fell 29% Y/Y but grew 24% sequentially, driven by higher market crack spreads, partially offset by inventory hedge impacts, lower secondary product margins, and lower Gulf Coast clean product realizations. Q3 crude refining utilization (95%) rose two percentage points sequentially due to crude oil throughputs increasing by 3%; however, PSX guided crude oil utilization to be in the low 90% range in Q4, which we think is due to seasonality