Phillips 66 Q2 Earnings Beat, Plans More Divestitures

Phillips 66 reported strong second-quarter 2025 results, surpassing analyst expectations with adjusted earnings of $2.38 per share and GAAP earnings of $877 million. Revenue reached $33.52 billion, exceeding forecasts but lower than the prior year. The company achieved a record 98% refinery utilization rate and improved margins across refining and midstream operations. Operational highlights include completing the Coastal Bend acquisition (previously EPIC NGL) and early, on-budget commissioning of the Dos Picos II gas processing plant. Phillips 66 returned $906 million to shareholders and is advancing plans to close its Los Angeles Refinery and divest its Germany and Austria retail business by year-end. CEO Mark Lashier highlighted disciplined execution and strategic growth, particularly in the Midstream segment.