Phillips 66 Reports Third-Quarter 2020 Financial Results
•Reported a third-quarter loss of $799 million or $1.82 per share; adjusted loss of $1 million or $0.01 per share
•Generated operating cash flow of $491 million; $795 million excluding working capital
•Captured improved market conditions in Midstream, Chemicals and Marketing & Specialties
•Recently started operations of Sweeny Fracs 2 and 3
•Announced San Francisco Refinery conversion into the world’s largest renewable fuels plant
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.”
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.