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Phillips 66 (PSX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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Phillips 66

HISTORY TOOLS
CIK: 1534701 Ticker: PSX

Phillips 66 Reports Fourth-Quarter Earnings of $736 Million (Adjusted Earnings of $689 Million)

 
 
 
 
Exhibit 99.1

psxphillips66.jpg

Phillips 66 Reports Fourth-Quarter Earnings of $736 Million
or $1.64 Per Share
Adjusted earnings of $689 million or $1.54 per share

Highlights

Fourth Quarter
•
Returned $810 million to shareholders through dividends and share repurchases
•
Commenced initial operations on the Gray Oak Pipeline
•
Operated at 97% O&P utilization in Chemicals
•
Achieved 97% utilization in Refining
•
Formed U.S. West Coast retail marketing joint venture

Full-Year 2019
•
Maintained industry-leading safety performance
•
Reported earnings per share of $6.77; adjusted earnings per share of $8.05
•
Generated $4.8 billion of operating cash flow; $5.6 billion excluding working capital
•
Returned $3.2 billion to shareholders through dividends and share repurchases
•
Increased quarterly dividend 12.5% to $0.90 per common share
•
Progressed the Red Oak and Liberty pipelines and the Sweeny Hub expansion
•
Operated at 97% O&P utilization in Chemicals and 94% utilization in Refining
•
Eliminated incentive distribution rights at Phillips 66 Partners


HOUSTON, Jan. 31, 2020 – Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces
fourth-quarter 2019 earnings of $736 million, compared with $712 million in the third quarter of 2019. Excluding special items of $47 million in the fourth quarter, adjusted earnings were $689 million, compared with third-quarter adjusted earnings of $1.4 billion.

“We maintained our strong safety performance and advanced our strategic initiatives during the quarter, but a challenging market environment and turnaround activity impacted our financial results,” said Greg Garland, chairman and CEO of Phillips 66. “Midstream delivered solid operating and financial performance during the quarter, contributing to record 2019 results for the transportation and NGL businesses. We continued to execute our major growth projects with the initial startup of the Gray Oak Pipeline and are progressing the Sweeny Hub expansion and the Red Oak and Liberty pipelines. Our Refining and Chemicals businesses ran at 97% utilization. In Marketing, we formed a new West Coast retail joint venture that will further secure long-term placement of our refinery production and increase our exposure to retail margins.”

Page 1
The following information was filed by Phillips 66 (PSX) on Friday, January 31, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Phillips 66's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
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
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Asset Retirement Obligations And Accrued Environmental Costs
Asset Retirement Obligations And Accrued Environmental Costs (Narrative) (Details)
Asset Retirement Obligations And Accrued Environmental Costs (Schedule Of Change In Overall Asset Retirement Obligation) (Details)
Asset Retirement Obligations And Accrued Environmental Costs (Summary Of Asset Retirement Obligations And Accrued Environmental Costs) (Details)
Asset Retirement Obligations And Accrued Environmental Costs (Tables)
Business Combinations
Business Combinations (Details)
Cash Flow Information
Cash Flow Information (Cash Payments (Receipts)) (Details)
Cash Flow Information (Tables)
Cash Flow Information Cash Flow Information (Narrative) (Details)
Changes In Accounting Principles
Changes In Accounting Principles Changes In Accounting Principles (Details)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Balance Sheet) (Details)
Condensed Consolidating Financial Information (Cash Flow) (Details)
Condensed Consolidating Financial Information (Income Statement) (Details)
Condensed Consolidating Financial Information (Narrative) (Details)
Condensed Consolidating Financial Information (Tables)
Contingencies And Commitments
Contingencies And Commitments (Details)
Credit Losses
Credit Losses (Details)
Debt
Debt (Narrative) (Details)
Debt (Summary Of Long-Term Debt) (Details)
Debt (Tables)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (Narrative) (Details)
Derivatives And Financial Instruments (Summary Of Commodity Derivative Assets And Liabilities) (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 (Details)
Earnings Per Share (Tables)
Equity
Equity (Details)
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)
Goodwill And Intangibles
Goodwill And Intangibles (Goodwill) (Details)
Goodwill And Intangibles (Intangible Assets) (Details)
Goodwill And Intangibles (Tables)
Guarantees
Guarantees (Details)
Income Taxes
Income Taxes (Components Of Income Tax Expense (Benefits)) (Details)
Income Taxes (Deferred Income Tax Liabilities And Assets) (Details)
Income Taxes (Income Tax Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefits) (Details)
Inventories
Inventories (Narrative) (Details)
Inventories (Summary Of Inventory) (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 Components Of Investments, Loans, And Long-Term Receivables) (Details)
Investments, Loans And Long-Term Receivables (Summary Of Financial Information For Equity Method Investments) (Details)
Investments, Loans And Long-Term Receivables (Tables)
Leases
Leases (Cash Paid For Leases) (Details)
Leases (Lease Costs) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Narrative) (Details)
Leases (Summary Of Leases) (Details)
Leases (Tables)
Leases Leases (Balance Sheet) (Details)
Other Financial Information
Other Financial Information (Details)
Other Financial Information (Tables)
Pension And Postretirement Plans
Pension And Postretirement Plans (Accumulated Benefit Obligation In Excess Of Plan Assets) (Details)
Pension And Postretirement Plans (Narrative) (Details)
Pension And Postretirement Plans (Projected Benefit Obligation In Excess Of Plan Assets) (Details)
Pension And Postretirement Plans (Reconciliation Of Projected Benefit Obligations And Plan Assets) (Details)
Pension And Postretirement Plans (Summary Of Amounts Recognized In Other Comprehensive Income (Loss)) (Details)
Pension And Postretirement Plans (Summary Of Amounts Recognized In The Consolidated Balance Sheet (Details)
Pension And Postretirement Plans (Summary Of Components Of Net Periodic Benefit Cost) (Details)
Pension And Postretirement Plans (Summary Of Future Service Benefit Payments) (Details)
Pension And Postretirement Plans (Summary Of Pension Plan Asset Fair Values) (Details)
Pension And Postretirement Plans (Summary Of Weighted-Average Assumptions) (Details)
Pension And Postretirement Plans (Tables)
Phillips 66 Partners Lp
Phillips 66 Partners Lp (Narrative) (Details)
Phillps 66 Partners Lp (Schedule Of Assets And Liabilities) (Details)
Phillps 66 Partners Lp (Tables)
Properties, Plants And Equipment
Properties, Plants And Equipment (By Segment) (Details)
Properties, Plants And Equipment (Narrative) (Details)
Properties, Plants And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
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 (Analysis By Segment) (Details)
Segment Disclosures And Related Information (Narrative) (Details)
Segment Disclosures And Related Information (Summary Of Geographic Information) (Details)
Segment Disclosures And Related Information (Tables)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Share-Based Compensation Plans
Share-Based Compensation Plans (Fair Value Assumptions) (Details)
Share-Based Compensation Plans (Narrative) (Details)
Share-Based Compensation Plans (Summary Of Compensation Expense And Tax Benefit) (Details)
Share-Based Compensation Plans (Summary Of Performance Share Activity) (Details)
Share-Based Compensation Plans (Summary Of Stock Option Activity) (Details)
Share-Based Compensation Plans (Summary Of Stock Unit Activity) (Details)
Share-Based Compensation Plans (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: PSX
CIK: 1534701
Form Type: 10-K Annual Report
Accession Number: 0001534701-20-000070
Submitted to the SEC: Fri Feb 21 2020 3:05:37 PM EST
Accepted by the SEC: Fri Feb 21 2020
Period: Tuesday, December 31, 2019
Industry: Petroleum Refining

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