Phillips 66 Q1 Profit of $207M on $10.11 Refining Margins and 95% Utilization
Phillips 66 reported Q1 earnings of $207 million ($0.51 per share), reversing a $368 million loss a year earlier with adjusted profit of $200 million ($0.49 per share). Refining margin rose to $10.11 per barrel on 95% utilization, and returned $778 million to shareholders, raising dividend by 7%.
1. Q1 Earnings Turnaround
Phillips 66 posted Q1 net income of $207 million ($0.51 per share), reversing a $368 million loss a year earlier, with adjusted earnings of $200 million ($0.49 per share).
2. Refining Segment Strength
Refining pre-tax income reached $208 million compared to a $937 million loss in Q1 2025, driven by realized margin improvement to $10.11 per barrel and 95% crude capacity utilization.
3. Financial Position and Returns
The company closed the quarter with $6.0 billion in liquidity and a 48% debt-to-capital ratio, up from 39%. It returned $778 million to shareholders through $509 million in dividends and $269 million in buybacks, and raised its quarterly dividend by 7%.