Phillips 66 (PSX) 10-Q Quarterly Report October 2020

HOUSTON, Oct. 30, 2020 – Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces a third-quarter 2020 loss of $799 million, compared with a loss of $141 million in the second quarter of 2020. Excluding special items of $798 million in the third quarter, primarily an impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, the company had an adjusted loss of $1 million, compared with a second-quarter adjusted loss of $324 million.

“Our diversified, integrated portfolio helped us navigate a challenging market environment in the third quarter,” said Greg Garland, chairman and CEO of Phillips 66. “Our Midstream, Chemicals and Marketing businesses benefited from improved market conditions, while Refining continued to be impacted by weak margins. We advanced our growth strategy with the recent startup of Sweeny Fracs 2 and 3, marking completion of the Sweeny Hub phase 2 expansion. Also, we announced Rodeo Renewed, a project to reconfigure our San Francisco Refinery into the world’s largest renewable fuels plant, making investments that advance a lower carbon future.

“We are proud of how our employees continue to step up to the challenges of 2020, from the pandemic to the West Coast fires and the Gulf Coast hurricanes. Our response to the storms in particular underscored our commitment to operating excellence, as our facilities were secured and sustained minimal damage. The people of Phillips 66 continue to demonstrate our values of providing energy and improving lives in what has been a very uncertain and challenging environment.

“Our diversified businesses, strong balance sheet and disciplined capital allocation enable us to effectively manage through a low margin environment. We paid $393 million in dividends in the third quarter and are committed to a secure, competitive and growing dividend. We remain focused on creating value for shareholders through operating excellence, financial discipline and return-enhancing investments.”

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The following information was filed by Phillips 66 (PSX) on Friday, October 30, 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-Q Quarterly 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-Q Quarterly Report:

Financial - Cash Flow Highlight
However, the recent decline in demand for refined petroleum products has led to a reduction of our refinery production; and if the global economic disruption associated with the COVID-19 pandemic sustains, we expect the reduced refinery production to continue in the near term, which could have an unfavorable impact on our future operating cash flows.

Revenue - Product Highlight
The decreased results in both periods were primarily attributable to before-tax impairment charges totaling $204 million for the pipeline and terminal assets associated with the planned reconfiguration of our San Francisco Refinery into a renewal fuels plant, and the cancellation of the Red Oak Pipeline project, along with lower throughput volumes and decreased equity earnings.
Financial - Earnings Highlight
Our earnings decreased $5,776 million in the nine-month period of 2020, mainly reflecting: Lower realized refining margins and decreased refinery production.
Financial - Income Highlight
Consolidated Results A summary of income (loss) before income taxes by business segment with a reconciliation to net income (loss) attributable to Phillips 66 follows: Our earnings decreased $1,511 million in the third quarter of 2020, mainly reflecting: Lower realized refining margins and decreased refinery production.
Financial - Shares Highlight
The decrease in the nine-month period of 2020 was also driven by lower equity earnings from CPChem as a result of lower margins.
Financial - Income
These decreases were partially offset...Read more
Financial - Income
These decreases were partially offset...Read more
Financial - Earnings
If the global economic disruption...Read more
Financial - Cash Flow
Our short- and long-term operating...Read more
Financial - Dividend
We believe current cash and...Read more
Legal - Other
Laws regulating GHG emissions continue...Read more
Financial - Earnings
The decreased results in both...Read more
Financial - Expense
If the pipeline is required...Read more
Revenue - Geography
Changes to worldwide government policies...Read more
Financial - Shares
Excluding the impairments, equity earnings...Read more
Financial - Shares
Equity in earnings of affiliates...Read more
Financial - Expense
The decreased results for the...Read more
Financial - Earnings
The recent decline in demand...Read more
Revenue - Product
41 Table of Contents Statement...Read more
Financial - Expense
Accordingly, crude oil producers have...Read more
Revenue - Product
These decreases were mainly due...Read more
Other - Other
Refining Capital spending for the...Read more
Other - Other
Credit Facilities and Commercial Paper...Read more
Financial - Expense
The increase in net interest...Read more
Other - Other
Corporate overhead and other increased...Read more
Other - Other
A before-tax long-lived asset impairment...Read more
Other - Other
During the first nine months...Read more
Financial - Earnings
We believe realized marketing fuel...Read more
Financial - Dividend
This dividend is payable on...Read more
Financial - Expense
Based on currently available information,...Read more
M & A - Other
Marketing and Specialties Capital spending...Read more
Financial - Earnings
Fluctuations in NGL, crude oil,...Read more
Revenue - Product
The decrease in the third...Read more
Financial - Expense
Limited access to capital or...Read more
Financial - Earnings
Within the M&S segment, the...Read more
Financial - Earnings
Results for our Marketing and...Read more
Other - Other
Unexpected technological or commercial difficulties...Read more
Other - Other
Any differences could result from...Read more
Other - Other
The capital spending was primarily...Read more
Other - Other
The decreased results in the...Read more
Legal - Other
Changes in tax, environmental and...Read more
Financial - Earnings
The chemicals and plastics industry...Read more
Financial - Expense
Unexpected changes in costs or...Read more
Financial - Earnings
The decrease in both periods...Read more
Financial - Shares
We suspended share repurchases in...Read more
Other - Other
On July 6, 2020, the...Read more
Financial - Income
See Note 19-Income Taxes, in...Read more
Financial - Earnings
Lower cargo margins at the...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Phillips 66 provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: PSX
CIK: 1534701
Form Type: 10-Q Quarterly Report
Accession Number: 0001534701-20-000154
Submitted to the SEC: Fri Oct 30 2020 2:48:53 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Petroleum Refining