Q2 2024 Phillips 66 Earnings Call Transcript
Key Points
- Phillips 66 (PSX) returned over $11 billion to shareholders through share repurchases and dividends since July 2022.
- Crude utilization during the quarter was the highest in over five years at 98%, with a clean product yield of 86%.
- The company achieved nearly $1 per barrel reduction in refining costs.
- Phillips 66 (PSX) closed on the acquisition of Pinnacle Midstream, enhancing its natural gas gathering and processing business.
- The Rodeo renewable energy complex reached full rates, processing approximately 50,000 barrels per day of renewable feedstocks.
- Refining margins were impacted by weaker distillate prices and lower crack spreads.
- The company anticipates higher turnaround expenses in the third quarter, between $140 million and $160 million.
- There is regulatory uncertainty for the renewable fuels segment, including credit programs and clean energy policies.
- Midstream segment experienced some volatility due to integration efforts and timing of the DCP integration.
- Phillips 66 (PSX) expects lower crude utilization rates in the third quarter due to market softening and discretionary maintenance.
Please stand by for streaming text.
(audio in progress) second quarter 20 and answer session. Please note that this conference is being recorded.
I will now turn the call over to Jeff Dietert, Vice President, Investor Relations. Jeff, you may begin.
Welcome to the Phillips 68nd quarter earnings conference call. Participants on today's call will include Mark Lazar, Chairman and CEO, Kevin Mitchell, CFO, Dan Baldridge, midstream and chemicals, Rich harvests in refining and Brian Mandel, marketing and commercial. Today's presentation can be found on the Investor Relations section of the Phillips 66 website, along with supplemental financial and operating information. Slide 2 contains our Safe Harbor statement. We will be making forward looking statements during today's call. Actual result, it's may differ materially from today's comments. Factors that could cause actual results to differ are included here
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