Phillips 66 Q2 2024 10-Q Filing

TL;DR

PSX Q2 2024 10-Q is in. Financials and ops details released.

AI Summary

Phillips 66 filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and operational metrics are presented, reflecting the company's activities in the energy and transportation sector.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Phillips 66, crucial for understanding the company's performance and future outlook in the refining and midstream sectors.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the energy sector is inherently subject to market volatility and regulatory changes.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-07-31 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of the fiscal year 2024.)
• 2023-01-01 to 2023-06-30 — Prior Year-to-Date Period (Covers the first six months of the fiscal year 2023 for comparison.)
• 2024-04-01 to 2024-06-30 — Second Quarter 2024 (Specific financial data for the second quarter of 2024.)

Key Players & Entities

• Phillips 66 (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date
• 2331 CITYWEST BLVD. (location) — Company's business and mailing address
• HOUSTON, TX (location) — Company's business and mailing city and state

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value PSX New York Stock Exchange

Filing Documents

• psx-20240630.htm (10-Q) — 2109KB
• psx-20240630_ex22.htm (EX-22) — 10KB
• psx-20240630_ex311.htm (EX-31.1) — 9KB
• psx-20240630_ex312.htm (EX-31.2) — 10KB
• psx-20240630_ex32.htm (EX-32) — 5KB
• 0001534701-24-000132.txt ( ) — 9768KB
• psx-20240630.xsd (EX-101.SCH) — 61KB
• psx-20240630_cal.xml (EX-101.CAL) — 96KB
• psx-20240630_def.xml (EX-101.DEF) — 338KB
• psx-20240630_lab.xml (EX-101.LAB) — 711KB
• psx-20240630_pre.xml (EX-101.PRE) — 539KB
• psx-20240630_htm.xml (XML) — 1545KB

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statement of Income 1 Consolidated Statement of Comprehensive Income 2 Consolidated Balance Sheet 3 Consolidated Statement of Cash Flows 4 Consolidated Statement of Changes in Equity 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

Item 4. Controls and Procedures 58

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61

Signatures

Signatures 62 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Consolidated Statement of Income Phillips 66 Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Revenues and Other Income Sales and other operating revenues $ 38,129 35,090 73,940 69,486 Equity in earnings of affiliates 487 563 1,015 1,174 Net gain (loss) on dispositions 237 ( 12 ) 237 22 Other income 58 99 155 147 Total Revenues and Other Income 38,911 35,740 75,347 70,829 Costs and Expenses Purchased crude oil and products 34,628 30,571 67,014 59,912 Operating expenses 1,407 1,384 2,859 2,962 Selling, general and administrative expenses 552 593 1,109 1,198 Depreciation and amortization 497 495 1,001 971 Impairments 225 4 390 12 Taxes other than income taxes 49 174 214 381 Accretion on discounted liabilities 10 7 19 13 Interest and debt expense 231 266 458 458 Foreign currency transaction losses 1 2 8 27 Total Costs and Expenses 37,600 33,496 73,072 65,934 Income before income taxes 1,311 2,244 2,275 4,895 Income tax expense 291 510 494 1,084 Net Income 1,020 1,734 1,781 3,811 Less: net income attributable to noncontrolling interests 5 37 18 153 Net Income Attributable to Phillips 66 $ 1,015 1,697 1,763 3,658 Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) Basic $ 2.39 3.73 4.13 7.95 Diluted 2.38 3.72 4.10 7.92 Weighted-Average Common Shares Outstanding (thousands) Basic 422,869 454,450 425,914 459,602 Diluted 425,734 456,168 428,993 461,906 See Notes to Consolidated Financial Statements. 1 Table of Contents Consolidated Statement of Comprehensive Income Phillips 66 Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Net Income $ 1,020 1,734 1,781 3,811 Other comprehensive income (loss) Defined benefit plans Amortization of net actuarial loss and settlements 5 5 7 15 Plans sponsored by equity affiliates — — 1 3 Income taxes on defined benefit plans ( 1 ) ( 1 ) ( 2 ) ( 4 )

Notes to Consolidated Financial Statements Phillips 66

Notes to Consolidated Financial Statements Phillips 66 Note 1— Interim Financial Information The unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2023 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2024, are not necessarily indicative of the results expected for the full year. Certain prior period segment financial information has been recast for comparability. See Note 19—Segment Disclosures and Related Information, for additional information. Note 2— DCP Midstream, LP Merger (DCP LP Merger) On June 15, 2023, we completed the acquisition of all publicly held common units of DCP Midstream, LP (DCP LP) pursuant to the terms of the Agreement and Plan of Merger, dated as of January 5, 2023 (DCP LP Merger Agreement). The DCP LP Merger Agreement was entered into with DCP LP, its subsidiaries and its general partner entities, pursuant to which one of our wholly owned subsidiaries merged with and into DCP LP, with DCP LP surviving as a Delaware limited partnership. Under the terms of the DCP LP Merger Agreement, at the effective time of the DCP LP Merger, each publicly held common unit representing a limited partner interest in DCP LP (other than the common units owned by D

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