# Phillips 66 Reports Higher Quarterly Earnings and Lower Debt

The energy company reported 98% refining utilization and $5.6 billion in earnings.

By Will Langan | 24X7 News
Published: 2026-10-28T13:07:49.729Z
Updated: 2026-10-28T13:07:49.729Z
Section: Business
Format: News
Canonical: https://24x7news.us/articles/phillips-66-third-quarter-results-october-28-2026

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.

## Sources
- Phillips 66 Third-Quarter 2026 SEC-Furnished Results: https://www.stocktitan.net/sec-filings/PSX/8-k-phillips-66-reports-material-event-b32d49bfe2e7.html