Quarterly ResultApr 29, 2026, 09:43 AM
PSX Q1 Adj. EPS $0.49; Earnings $207M; Dividend +7%; Lindsey Refinery Acquired
AI Summary
Phillips 66 reported first-quarter 2026 adjusted earnings of $200 million, or $0.49 per share, significantly down from $1.0 billion in Q4 2025, primarily due to $839 million in mark-to-market losses. The company increased its annualized quarterly dividend by 7% and maintained approximately $6.0 billion in liquidity. Strategic progress included the acquisition of Lindsey Oil Refinery and logistics assets, advancement of the Western Gateway Pipeline, and continued construction on the Iron Mesa gas plant and Golden Triangle/Ras Laffan Polymers Projects.
Key Highlights
- PSX reported Q1 2026 adjusted earnings of $200 million, or $0.49 per share.
- Q1 2026 reported earnings were $207 million, down from $2.9 billion in Q4 2025.
- Increased annualized quarterly dividend by 7%.
- Completed acquisition of Lindsey Oil Refinery and logistics assets in April 2026.
- Ended the quarter with approximately $6.0 billion in liquidity.
- Midstream adjusted pre-tax income was $591 million, while Chemicals adjusted pre-tax income rose to $85 million.
- Refining adjusted pre-tax income decreased to $208 million, and Marketing and Specialties reported a $(141) million adjusted pre-tax loss.
- Cash flow from operations was $(2,264) million, impacted by mark-to-market losses.