PSX
FY2026 Q1 · Calendar Q2 2026
Phillips 66
Phillips 66 reported Q1 2026 adjusted earnings of $200 million (EPS of $0.49), sharply beating consensus estimates of a $0.54 loss, as a 138% market-capture rate leveraged global refining disruptions from Middle East tensions. Revenue of $33.0 billion fell approximately 8% below estimates. The quarter was dominated by an $839 million mark-to-market loss on hedge positions, yet the company generated $700 million in operating cash flow, returned $778 million to shareholders, and maintained its commitment to return over 50% of cash flow while reducing debt toward $17 billion by 2027. The stock rose 5.1% on the print with an additional 1.9% subsequent drift. Management pointed to the Western Gateway pipeline FID in mid-to-late summer 2026 (a Kinder Morgan joint venture), doubled renewable diesel RIN credits year-over-year, and CPChem growth projects (Golden Triangle polymers, RPP Qatar)…
EPS surprise+190.3%
Market move+5.1%
