Phillips 66 Q2 Net Income Soars to $3.85B, Revenue Jumps 53%
PSX sits 77% above its 52-week low of $118.07.
Summary
Phillips 66 reported Q2 GAAP net income of $3.847 billion, or $9.55 per share, up from $877 million a year ago. Adjusted earnings were $3.788 billion, or $9.41 per share. Revenue surged 53.1% to $51.004 billion. The blowout quarter follows a period of strong refining margins and constructive industry conditions, including record U.S. crude exports and surging European gasoline margins. The results validate the CEO's earlier outlook for constructive refining margins and come despite recent operational upsets at the Sweeny refinery. The board's recent $10 billion share buyback authorization adds to the positive capital return story.
At the time of this announcement, PSX was trading at $208.41 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $82.5B. The 52-week trading range was $118.07 to $216.08. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: dpa-AFX.