Phillips 66

Phillips 66 reported Q1 2026 net income attributable to Phillips 66 of $207 million, or $0.51 per share, a decrease from $487 million and $1.19 per share in Q1 2025, despite a rise in sales and other operating revenues to $32.54 billion. The company significantly increased its short-term debt to $8.45 billion and utilized a new $2.25 billion term loan. Operating cash flow was negative $2.26 billion, while financing activities provided $6.92 billion, leading to a substantial increase in cash and cash equivalents. The company also transferred $2.97 billion in gross PP&E related to the idled Los Angeles Refinery.

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.

Phillips 66 announced preliminary Q1 2026 financial information, including an expected $900 million pre-tax loss due to mark-to-market adjustments on derivative contracts resulting from sharp increases in commodity prices. The company also provided ranges for income/(loss) before income taxes for each segment, with Refining, Marketing and Specialties, and Renewable Fuels segments expected to report losses.