Last10K.com

Phillips 66 (PSX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Phillips 66

CIK: 1534701 Ticker: PSX

Phillips 66 Reports Third-Quarter Earnings of $1.5 Billion (Adjusted Earnings of $1.5 Billion)

 
 
 
 
Exhibit 99.1

psxphillips66.jpg

Phillips 66 Reports Third-Quarter Earnings of $1.5 Billion
or $3.18 Per Share
Adjusted earnings of $1.5 billion or $3.10 per share

Highlights

Delivered record adjusted earnings per share
Achieved Refining market capture of 94 percent
Generated record Midstream net income from higher throughputs
Realized strong Marketing margins
Cash distributions from equity affiliates of $910 million; $2.1 billion year to date
Returned $775 million to shareholders through dividends and share repurchases
Phillips 66 Partners increased Gray Oak Pipeline capacity to 900,000 barrels per day


HOUSTON, Oct. 26, 2018 – Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces
third-quarter 2018 earnings of $1.5 billion, compared with $1.3 billion in the second quarter of 2018. Excluding special items of $36 million in the third quarter, adjusted earnings were $1.5 billion, compared with second-quarter adjusted earnings of $1.3 billion.

“We demonstrated the value of our integrated portfolio, delivering strong earnings and advancing strategic growth projects in the third quarter,” said Greg Garland, chairman and CEO of Phillips 66. “In the Central Corridor, Refining and Midstream ran at record levels, capturing favorable margins. During the quarter, we began construction of two new fractionators and additional storage at the Sweeny Hub, and we approved a new project to further expand crude oil storage at the Beaumont Terminal. The Gray Oak Pipeline project continues to progress toward a late-2019 completion, with 900,000 barrels per day of crude oil capacity.”

“Over the last six years, we have repurchased or exchanged nearly 30 percent of our initial shares outstanding, contributing to record adjusted earnings per share this quarter. We continued our commitment to shareholder distributions, returning $775 million through dividends and share repurchases in the third quarter and $5.2 billion for the year. We believe strong shareholder distributions remain fundamental to disciplined capital allocation.”

Page 1

The following information was filed by Phillips 66 (PSX) on Friday, October 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Phillips 66's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Phillips 66.

Continue

Assess how Phillips 66's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Phillips 66's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Legal
Revenue
M & A
Other
Filter Subcategory:
All
Earnings
Shares
Expense
Dividend
Cash Flow
Income
Product
Debt
Other
Inside Phillips 66's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Consolidated Statement Of Income (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Business Combinations
Business Combinations (Details)
Changes In Accounting Principles
Changes In Accounting Principles (Details)
Changes In Accounting Principles (Policies)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Balance Sheet) (Details)
Condensed Consolidating Financial Information (Cash Flows) (Details)
Condensed Consolidating Financial Information (Statement Of Income) (Details)
Condensed Consolidating Financial Information (Tables)
Contingencies And Commitments
Contingencies And Commitments (Details)
Debt
Debt (Details)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (Narrative) (Details)
Derivatives And Financial Instruments (Summary Of Commodity Balance Sheet) (Details)
Derivatives And Financial Instruments (Summary Of Gains/(Losses) From Commodity Derivatives) (Details)
Derivatives And Financial Instruments (Summary Of Outstanding Commodity Derivative Contracts) (Details)
Derivatives And Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Summary Of Earnings Per Share Calculation) (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Summary Of Fair Value Of Derivative Assets And Liabilities And Effect Of Counterparty Netting) (Details)
Fair Value Measurements (Tables)
Guarantees
Guarantees (Details)
Income Taxes
Income Taxes (Details)
Interim Financial Information
Inventories
Inventories (Inventory, Net) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Investments, Loans And Long-Term Receivables
Investments, Loans And Long-Term Receivables (Narrative) (Details)
Investments, Loans And Long-Term Receivables (Summary Of Equity Method Investments) (Details)
Investments, Loans And Long-Term Receivables (Tables)
New Accounting Standards
Pension And Postretirement Plans
Pension And Postretirement Plans (Narrative) (Details)
Pension And Postretirement Plans (Summary Of Components Of Net Periodic Benefit Cost) (Details)
Pension And Postretirement Plans (Tables)
Phillips 66 Partners Lp
Phillips 66 Partners Lp (Narrative) (Details)
Phillips 66 Partners Lp (Schedule Of Assets And Liabilities) (Details)
Phillips 66 Partners Lp (Tables)
Properties, Plants And Equipment
Properties, Plants And Equipment (Details)
Properties, Plants And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Restricted Cash
Restricted Cash (Details)
Sales And Other Operating Revenues
Sales And Other Operating Revenues (Disaggregated) (Details)
Sales And Other Operating Revenues (Narrative) (Details)
Sales And Other Operating Revenues (Tables)
Segment Disclosures And Related Information
Segment Disclosures And Related Information (Narrative) (Details)
Segment Disclosures And Related Information (Summary Of Sales And Other Operating Revenues, Net Income (Loss) Attributable To Phillips 66 And Total Assets By Operating Segment) (Details)
Segment Disclosures And Related Information (Tables)
Treasury Stock
Treasury Stock (Details)

Material Contracts, Statements, Certifications & more

Phillips 66 provided additional information to their SEC Filing as exhibits

Ticker: PSX
CIK: 1534701
Form Type: 10-Q Quarterly Report
Accession Number: 0001534701-18-000109
Submitted to the SEC: Fri Oct 26 2018 11:30:44 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Petroleum Refining

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/psx/0001534701-18-000109.htm