Phillips 66 reports fourth-quarter earnings of $650 million or $1.20 per share

Friday, January 29, 2016      

Fourth Quarter

  • 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

Full-Year 2015

  • 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.'


Article Tags

Phillips 66 United States North America Finance

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Popular Headlines View all

Latest Opinion View all

Join 90,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

Time for a change? All jobs Jobs near you


OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Contact Us

Stay Connected

2016 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us