Phillips 66 reported adjusted earnings of $9.41 per share for its second quarter, beating the Street estimate of $7.68 by nearly 23%, with adjusted EBITDA of $5.89 billion versus $1.23 billion in the first quarter and crude capacity utilization of 96%. The board authorized an additional $10 billion in share buybacks, roughly 11% of the company's market cap, and management expects year-end net debt below $16 billion while targeting $13.5 to $14 billion in net debt longer term. Phillips 66 is also reportedly exploring, alongside Shell, a sale of their stakes in the Explorer Pipeline, a deal press reports have pegged near a $3.5 billion valuation, with Energy Transfer and MPLX possibly joining the process. Over the past 60 days, the current-year consensus EPS estimate has jumped 32% to $24.07 from $18.23, and next-year estimates have climbed 19% to $22.12 from $18.47, while UBS raised its target to $300 from $235, Wells Fargo lifted its target to $335 from $239, and Piper Sandler kept a Neutral rating despite raising its target to $264.
Energy Transfer LP
Shell plc
Energy Transfer Partners L.P
MPLX LPPhillips 66Phillips 66 beat Q2 EPS estimates with $9.41 adjusted EPS and authorized an additional $10 billion buyback (~11% of market cap).
