Fri, Oct. 30, 8:30 AM
- Phillips 66 (NYSE:PSX) is up 3.1% premarket -- and pacing to a new 52-week high -- as gasoline demand drove a Q3 profit that grew by 34% as the crude market lowered its costs. Profits grew 56% on a sequential basis.
- Refining paced earning segments, contributing $1.05B to earnings, up 88.5% Y/Y. Higher volumes combined with better gasoline and secondary margins, and market capture increased to 72% from Q2's 62%. Refining crude utilization jumped to 96% from 90%.
- Chemicals earnings dipped 9% to $272M and Midstream earnings fell 20.9% to $91M. The company agreed to recapitalize the DCP Midstream operation. Phillips 66 Partners contributed $31 to operations there and the Transportation business generated $77M.
- Marketing and Specialties grew as well, contributing $344M to earnings (up 32.8%).
- The company generated $1.4B in cash from operations. Capex was $1B, primarily to support growing its higher-valued Midstream business; it said it expects capex to fall to $3.88B in 2016 from this year's $4.6B. The company also increased its buyback authorization by $2B.
- Webcast to come at noon ET.
- Press Release
Fri, Oct. 30, 7:03 AM
Thu, Oct. 29, 5:30 PM| Thu, Oct. 29, 5:30 PM | 19 Comments
Fri, Jul. 31, 8:44 AM
- Phillips 66 (NYSE:PSX) beat profit expectations on strong Q2 results from Refining and Chemicals even as it pursues a focus on higher-value Midstream growth. Revenue of $29.08B significantly beat expectations for $25.32B.
- Refining contributed $604M to earnings, up 22% Q/Q on higher gasoline margins. Market capture was 62% based on a heavy weighting toward distillates.
- Chemicals earnings rose 45% to $295M as polyethylene demand was high.
- Midstream earnings of $48M were down $19M Q/Q as seasonal propane volumes and lower margins held down NGL business, and losses widened at the DCP Midstream operations mainly from the loss on selling its interest in the Benedum gas processing plant.
- The company says it's focused on growing higher-valued Midstream and Chemicals businesses and enhancing returns in refining.
- Capex was $2.3B through the end of Q2, on track for a capital budget of $4.6B focused on Midstream growth. Operating cash flow, excluding working capital, was $1.8B.
- Webcast to come at noon ET.
- Press Release
Fri, Jul. 31, 8:05 AM
Thu, Jul. 30, 5:30 PM
Thu, Apr. 30, 10:27 AM
- Phillips 66 (PSX -0.3%) edges lower after Q1 earnings beat estimates but fall 37% Y/Y, as it earned less on its midstream and chemicals business.
- Chairman/CEO Greg Garland says PSX earned the best refining margins in two years - $12.26/bbl - as it took advantage of cheap crude to run its refineries, but it was not enough to offset the weak market for natural gas liquids, including falling margins for seasonal propane and butane storage.
- PSX says the NGL market environment negatively impacted results from the DCP Midstream joint partnership as well as its own NGL midstream business.
- PSX says its Q1 refining segment earnings rose 62% Y/Y to $495M, and marketing and specialties earnings gained 42% to $194M, but adjusted midstream earnings tumbled 64% to $67M, and earnings from its Chevron Phillips Chemical joint venture fell 36% to $203M.
- Says it continues to move forward with several midstream and chemical projects, including ongoing construction of a new fractionator at its Sweeny refinery with the capacity to process 100K bbl/day of natural gas liquids, and a liquid petroleum gas export terminal in Freeport.
Thu, Apr. 30, 8:02 AM
Thu, Jan. 29, 3:49 PM
- Phillips 66 (PSX +3.2%) hits session highs following better than expected Q4 earnings as profit from the sale of gasoline and other fuels tripled.
- PSX profited as pump prices for gasoline and diesel did not fall as quickly as oil prices, says Edward Jones analyst Rob Desai, noting that "as oil prices fell, they were able to basically squeeze out some extra margin from gasoline and retail customers so that’s really what helped that segment to report stronger results."
- Q4 earnings at PSX's marketing and specialties unit, which sells gasoline, diesel and aviation fuel through Phillips 66, Conoco and 76 brand stations, totaled $367M from $105M a year earlier.
- Earnings for the refining segment grew 23% to $517M, while the chemicals segment gained 2.3% to $267M.
- The company’s investment in DCP Midstream - a joint effort with Spectra Energy - resulted in a $12M loss; CEO Greg Garland says in today's earnings conference call that if natural gas liquids prices remain at current levels, “that probably doesn’t fix DCP for 2015. We’re still talking about restructuring options."
Thu, Jan. 29, 8:07 AM
Wed, Jan. 28, 5:30 PM
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Oct. 29, 2014, 9:15 AM
- Phillips 66 (NYSE:PSX) +1.3% premarket as Q3 earnings more than doubled amid lower crude oil prices and a widening of the differential between U.S. and international oil prices in the quarter.
- PSX's refining segment swung to a $558M profit from a year-ago loss of $30M, as margins strengthened; a record 95% of the company’s U.S. crude slate was advantaged in Q3, compared with 93% in Q2.
- Earnings in PSX's chemicals segment, which includes its interest in Chevron Phillips Chemical Co., rose 14% to $299M despite unplanned downtime related to an ethylene outage at the Port Arthur plant stemming from a fire in July.
Oct. 29, 2014, 8:03 AM
Oct. 28, 2014, 5:30 PM
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Oct. 23, 2014, 10:54 AM
- Cenovus Energy (CVE +6.1%) opens strong after Q3 earnings slip 4% but beat expectations, and cash flow climbed 6% on higher oil sands production and stronger natural gas prices.
- CVE says cash flow reached C$985M (US$876M), or C$1.30/share, but the improvement was partly offset by weaker crude prices and lower refined product output.
- Refining operating cash flow fell 53% due to an unplanned coker outage in July at its Borger refinery in Texas and a planned turnaround at the Wood River refinery in Illinois; CVE owns a 50% stake in the two U.S. refineries operated by Phillips 66 (NYSE:PSX).
- CVE, which co-owns the Foster Creek and Christina Lake oil sands projects with ConocoPhillips (NYSE:COP), says its total oil production rose 13% to ~199K bbl/day, driven by a 23% jump in oil sands production to ~125K bbl/day.
Jul. 30, 2014, 12:31 PM
- Phillips 66 (PSX -0.9%) is lower after Q2 earnings fell nearly 10% Y/Y and missed Wall Street estimates amid weaker refining earnings, which fell 14% to $390M.
- Q2 revenue rose 5.5% Y/Y to $46.3B vs. $43.9B during the year-ago quarter.
- On a percentage basis, PSX's most successful division was its chemicals unit, where income jumped 79% Y/Y to $324M, driven by improving profit margin in its olefins and polyolefins business; results include PSX's joint interest in Chevron Phillips Chemical Company.
- The refining segment took a hit, however, with revenue sliding 14% to $390M; the marketing and specialties business also saw a drop in profit, falling 53% to $162M.
Phillips 66 is a downstream energy company. The Company's segment includes Refining and Marketing (R&M), Midstream and Chemicals businesses. Its Chemicals business is conducted through its 50% interest in Chevron Phillips Chemical Company LLC.
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