Phillips 66 reported third-quarter earnings of $5.616 billion on October 28, compared with $3.847 billion in the second quarter, according to its SEC-furnished results release.
Diluted earnings increased to $14.08 per share from $9.55 in the preceding quarter. Adjusted earnings were also $14.08 per share, compared with $9.41. These comparisons are sequential, rather than year over year.
Refining utilization reached 98%. The company reported a third-quarter record distillate yield of 41%, while clean product yield was 86%.
Operating cash flow totaled $7.281 billion. Phillips 66 returned $2.777 billion to shareholders through $2.273 billion in share repurchases and $504 million in dividends.
Total debt fell to $18.530 billion at September 30 from $20.565 billion at June 30. Cash and equivalents increased to $5.848 billion from $4.099 billion.
Phillips 66 also said it had reached a final investment decision on the proposed Western Gateway Pipeline system, with service expected in 2029. The timing is a company projection.
Adjusted earnings exclude specified items and supplement reported accounting results.
Sources: Phillips 66 SEC-furnished earnings release, reproduced by StockTitan.