Phillips 66PSX
▲ PositiveCapitalrelevance
Strong Q2 earnings and accelerated debt reduction outlook
Impact on stocks 1
Synthetic Biology (non-pharma)
Phillips 66Phillips 66 Reports $3.8 Billion Q2 Earnings, Raises Debt Reduction Outlook
Earnings
Phillips 66 reported second-quarter adjusted earnings of $3.8 billion, or $9.41 per share, and said it expects to achieve its $17 billion total debt target ahead of schedule. The company ended the quarter with total debt of $20.6 billion and net debt of $16.5 billion, and CFO Kevin Mitchell said net debt could fall to around $13.5 billion to $14 billion as a next target. Operating cash flow excluding working capital was $4.3 billion, and the company returned $887 million to shareholders through dividends and buybacks. Refining results rose on higher market crack spreads, while Midstream, Chemicals, Marketing and Specialties, and Renewable Fuels all posted higher earnings. Management said it expects to increase share repurchases in the second half of the year and remains committed to returning more than 50% of net operating cash flow to shareholders.
Phillips 66Strong Q2 earnings and accelerated debt reduction outlook