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

Exhibit 99.1


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


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.

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