Phillips 66 reports fourth-quarter earnings of $650 million or $1.20 per share
- Generated $1.5 billion in cash from operations
- Refining achieved 94 percent utilization and record 85 percent clean product yield
- Sweeny Fractionator One and Clemens Caverns commenced operations
- Earnings of $4.2 billion; operating cash flow of $5.7 billion
- Refining generated $2.6 billion of earnings
- Chemicals delivered $962 million in earnings amid declining commodity prices
- Received $1.5 billion from Phillips 66 Partners debt and equity offerings
- Capital spending of $4.3 billion, excluding $1.5 billion DCP Midstream contribution
- Midstream growth capital of $2.8 billion
- Increased quarterly dividend 12 percent to $0.56 per common share
- Returned $2.7 billion of capital to shareholders through dividends and share repurchases
Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces fourth-quarter earnings of $650 million, compared with earnings of $1,578 million in the third quarter of 2015. Adjusted earnings, excluding special items of $60 million, were $710 million.
'We operated well in the quarter, as refining capacity utilization remained high and clean product yield increased,' said Greg Garland, Chairman and CEO. 'We also reached a significant milestone with the Sweeny Fractionator One and Clemens Caverns coming online. Solid execution in the fourth quarter generated $1.5 billion of cash from operations, and we returned over $700 million to shareholders through dividends and share repurchases.'
'Our financial performance in 2015 demonstrates the resiliency of our diversified portfolio in a low commodity price environment. We create value by focusing on operating excellence, enhancing Refining returns, and delivering on our Midstream and Chemicals growth programs. Our balance sheet is strong, and we maintain a disciplined approach to capital allocation. We remain firmly focused on these core priorities in 2016.'
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