Phillips 66 (NYSE: PSX) reported first‑quarter 2026 results on April 29, 2026, posting net income of $207 million and diluted earnings per share of $0.51, a beat over the $0.40 consensus estimate. Revenue for the quarter was $33.002 billion, up from $31.726 billion a year earlier, while adjusted earnings stood at $200 million with an adjusted EPS of $0.49.
Segment performance was mixed: midstream generated $591 million in income, chemicals added $114 million, refining contributed $208 million, marketing and specialties posted a $161 million loss, and renewable fuels recorded a $41 million loss.
The company’s balance sheet showed cash and cash equivalents of $5.150 billion against total debt of $27.124 billion, maintaining a debt‑to‑capital ratio of 48%. Management highlighted continued confidence in its integrated platform, noting that the quarter’s results were driven by higher refining margins and robust midstream fee income. The company reaffirmed its disciplined capital‑allocation framework, emphasizing ongoing debt reduction and shareholder returns through dividends and share repurchases.
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