Phillips 66 Q2 Earnings $3.8B; Debt Reduced by $6.6B
Phillips 66 announced strong second-quarter 2026 financial and operating results, reporting earnings of $3.8 billion, or $9.55 per share, and adjusted earnings of $3.8 billion, or $9.41 per share. The company significantly reduced its total debt by $6.6 billion to $20.6 billion and returned $887 million to shareholders. Operational highlights included record NGL fractionation and LPG export volumes, high refining utilization, and progress on new infrastructure projects like the Zeus Gas Plant and Coastal Bend NGL Fractionator.
Key Highlights
- Reported second-quarter earnings of $3.8 billion, or $9.55 per share.
- Adjusted earnings for the quarter were $3.8 billion, or $9.41 per share.
- Total debt decreased by $6.6 billion to $20.6 billion, reducing net debt to $16.5 billion.
- Returned $887 million to shareholders through $379 million in share repurchases and $508 million in dividends.
- Achieved record NGL fractionation volumes of 1,020 MBD and record LPG export volumes.
- Delivered strong Refining crude capacity utilization of 96% and clean product yield of 86%.
- Achieved full production at the Dos Picos II gas plant and announced construction of the Zeus Gas Plant and Coastal Bend NGL Fractionator.
Price Impact
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