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Phillips 66 (PSX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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Phillips 66

HISTORY TOOLS
CIK: 1534701 Ticker: PSX

Exhibit 99.1

psxphillips66b.jpg

Phillips 66 Reports Second-Quarter 2022 Financial Results



•Reported second-quarter earnings of $3.2 billion or $6.53 per share; adjusted earnings of $3.3 billion or $6.77 per share
•Generated $1.8 billion of operating cash flow; $3.6 billion excluding working capital
•Repaid $1.5 billion of debt
•Returned $533 million to shareholders through dividends and share repurchases
•Continued record-setting NGL fractionated volumes
•Strong refining operations including execution of planned turnarounds
•Received API pipeline safety award for second consecutive year
•Announced final investment decision on Rodeo Renewed project


HOUSTON, July 29, 2022 – Phillips 66 (NYSE: PSX), a diversified energy company, announces second-quarter 2022 earnings of $3.2 billion, compared with earnings of $582 million in the first quarter of 2022. Excluding special items of $118 million, the company had adjusted earnings of $3.3 billion in the second quarter, compared with first-quarter adjusted earnings of $595 million.

“Our earnings reflect the strong market environment during the second quarter driven by a tight global product supply and demand balance,” said Mark Lashier, President and CEO of Phillips 66. “We are focused on reliably providing critical energy products, including transportation fuels, to meet peak summer demand. We also advanced strategic capital projects to help meet the growing demand for renewable fuels and NGLs.

“During the second quarter, we paid down $1.5 billion of debt, increased our dividend and resumed share repurchases. Additionally, we are transforming our business to achieve sustained annual cost savings of at least $700 million to ensure we remain competitive in any market environment. We will continue to prioritize operating excellence and disciplined capital allocation.”





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The following information was filed by Phillips 66 (PSX) on Friday, July 29, 2022 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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Changes In Equity (Parenthetical)
Consolidated Statement Of Comprehensive Income (Loss)
Consolidated Statement Of Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Contingencies And Commitments
Contingencies And Commitments (Details)
Credit Losses
Credit Losses (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Long-Term Debt (Details)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (Tables)
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)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Policies)
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Narrative (Details)
Earnings (Loss) Per Share - Summary Of Earnings Per Share Calculation (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Summary Of Fair Value Of Derivative Assets And Liabilities And Effect Of Counterparty Netting (Details)
Guarantees
Guarantees (Details)
Income Taxes
Income Taxes (Details)
Interim Financial Information
Inventories
Inventories (Tables)
Inventories - Narrative (Details)
Inventories - Schedule Of Inventories (Details)
Investments, Loans And Long-Term Receivables
Investments, Loans And Long-Term Receivables - Cf United Llc (Details)
Investments, Loans And Long-Term Receivables - Dakota Access, Llc And Energy Transfer Crude Oil, Company, Llc (Details)
Investments, Loans And Long-Term Receivables - Liberty Pipeline Llc (Liberty) (Details)
Investments, Loans And Long-Term Receivables - Oncue Holdings, Llc (Details)
Investments, Loans And Long-Term Receivables - Other Investments (Details)
Investments, Loans And Long-Term Receivables - Related Party Loan (Details)
Pension And Postretirement Plans
Pension And Postretirement Plans (Tables)
Pension And Postretirement Plans - Narrative (Details)
Pension And Postretirement Plans - Summary Of Components Of Net Periodic Benefit Cost (Details)
Phillips 66 Partners Lp
Phillips 66 Partners Lp (Details)
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)
Restructuring
Restructuring (Details)
Sales And Other Operating Revenues
Sales And Other Operating Revenues (Tables)
Sales And Other Operating Revenues - Disaggregated (Details)
Sales And Other Operating Revenues - Narrative (Details)
Segment Disclosures And Related Information
Segment Disclosures And Related Information (Tables)
Segment Disclosures And Related Information - Analysis By Segment (Details)
Segment Disclosures And Related Information - Narrative (Details)
Ticker: PSX
CIK: 1534701
Form Type: 10-Q Quarterly Report
Accession Number: 0001534701-22-000143
Submitted to the SEC: Fri Jul 29 2022 4:51:55 PM EST
Accepted by the SEC: Fri Jul 29 2022
Period: Thursday, June 30, 2022
Industry: Petroleum Refining

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