Phillips 66: Refining Cost Reduction and Utilization Efficiency To Result In Margin Expansion?

Phillips 66, in the third quarter of 2024, presented a financial and operational landscape illustrating both achievements and challenges. The company reported adjusted earnings of $859 million or $2.04 per share, with operating cash flow standing at $1.1 billion. Despite adverse market conditions, particularly in the refining sector, Phillips 66 demonstrated resilience through strategic divestitures, operational efficiencies, and an evolving focus on midstream assets and renewables.