Phillips 66 Q4 Loss, Plans Strategic Expansions
Phillips 66 Q4 Loss, Plans Strategic Expansions

Phillips 66 Q4 Loss, Plans Strategic Expansions

News summary

Phillips 66 reported a fourth-quarter adjusted loss of $0.15 per share, which was smaller than the losses forecasted by analysts, though it missed some expectations, reflecting challenges in the refining sector due to declining margins. The company's renewable fuels division contributed positively, recording an adjusted profit of $28 million, contrasting with previous losses. Despite the weaker results, Phillips 66 plans to return over 50% of its operating cash flow to shareholders and focus on strategic expansions in its renewable fuels and midstream operations. The refining segment suffered a $775 million loss, exacerbated by lower refining margins and the accelerated depreciation of its Los Angeles refinery, slated for closure in 2025. Analysts note that the company's immediate stock price movement will depend heavily on management commentary and future earnings outlooks. Overall, Phillips 66 has seen a 6.1% increase in its share price since the start of the year, outperforming the S&P 500's gain of 3.2%.

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