Phillips 66 8-K
PositiveEarnings
Wider crack spreads and favorable mark-to-market lifted refining margins; NGL fractionation and LPG export volumes hit records.
Filed 2026-08-05 10:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results. Phillips 66 reported higher earnings as refining margins strengthened, with management citing wider market crack spreads and favorable mark-to-market impacts. NGL fractionation and LPG export volumes reached records; refining utilization was 96% and clean product yield was 86%.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Sales and other operating revenues | $51.0B | $33.3B | +53% |
| Net income attributable to Phillips 66 | $3.85B | $877M | +339% |
| Adjusted net income attributable to Phillips 66, non-GAAP | $3.79B | $973M | +289% |
| Diluted EPS | $9.55 | $2.15 | +344% |
| Adjusted diluted EPS, non-GAAP | $9.41 | $2.38 | +295% |
| Cash provided by operating activities | $7.26B | $845M | +759% |
| Cash from operations excluding working capital, non-GAAP | $4.32B | $1.92B | +125% |
- Higher realized refining margins drove the largest segment increase; Refining’s realized margin was $24.08 per barrel, vs $11.25 a year earlier. Year-over-year Refining comparisons reflect the move to consolidating 100% of the Borger and Wood River refineries from 10/01/2025; previously, Phillips 66 accounted for its 50% WRB interest using the equity method.
- Debt fell $6.6B Q/Q to $20.6B; net debt was $16.5B, down from $22.0B, and debt-to-capital declined to 39% from 48%. Cash was $4.10B, with $6.4B of committed credit capacity available.
- Share repurchases were $379M vs $419M in Q2 2025; weighted-average diluted shares were 402.6M vs 407.9M. Dividends were $508M.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch execution of the announced Zeus gas plant and Coastal Bend NGL fractionator projects, and whether CPChem’s Golden Triangle Polymers and Ras Laffan Polymers projects reach full operations as expected in 2027.
- Management’s scheduled webcast will provide an update on strategic initiatives and Q2 performance.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3