Phillips 66 Files Q3 2024 10-Q

TL;DR

PSX Q3 10-Q filed. Financials and ops details out.

AI Summary

Phillips 66 filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial data and business segments are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors with the latest financial results and operational details for Phillips 66, crucial for understanding the company's performance in the energy sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-10-29 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Phillips 66 (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-29 (date) — Filing date
• 77042 (other) — ZIP code for Phillips 66's business address

FAQ

Key Financial Figures

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

Filing Documents

• psx-20240930.htm (10-Q) — 2231KB
• psx-20240930_ex22.htm (EX-22) — 11KB
• psx-20240930_ex311.htm (EX-31.1) — 9KB
• psx-20240930_ex312.htm (EX-31.2) — 10KB
• psx-20240930_ex32.htm (EX-32) — 5KB
• 0001534701-24-000166.txt ( ) — 10381KB
• psx-20240930.xsd (EX-101.SCH) — 69KB
• psx-20240930_cal.xml (EX-101.CAL) — 96KB
• psx-20240930_def.xml (EX-101.DEF) — 366KB
• psx-20240930_lab.xml (EX-101.LAB) — 761KB
• psx-20240930_pre.xml (EX-101.PRE) — 576KB
• psx-20240930_htm.xml (XML) — 1636KB

– 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 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 69

Controls and Procedures

Item 4. Controls and Procedures 69

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings 70

Risk Factors

Item 1A. Risk Factors 72

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72

Other Information

Item 5. Other Information 72

Exhibits

Item 6. Exhibits 73

Signatures

Signatures 74 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 September 30 Nine Months Ended September 30 2024 2023 2024 2023 Revenues and Other Income Sales and other operating revenues $ 35,528 39,643 109,468 109,129 Equity in earnings of affiliates 549 562 1,564 1,736 Net gain on dispositions 2 102 239 124 Other income 84 15 239 162 Total Revenues and Other Income 36,163 40,322 111,510 111,151 Costs and Expenses Purchased crude oil and products 32,194 34,330 99,208 94,242 Operating expenses 1,499 1,633 4,358 4,595 Selling, general and administrative expenses 1,194 669 2,303 1,867 Depreciation and amortization 543 488 1,544 1,459 Impairments 29 3 419 15 Taxes other than income taxes 53 171 267 552 Accretion on discounted liabilities 8 6 27 19 Interest and debt expense 229 221 687 679 Foreign currency transaction (gains) losses 1 ( 12 ) 9 15 Total Costs and Expenses 35,750 37,509 108,822 103,443 Income before income taxes 413 2,813 2,688 7,708 Income tax expense 44 670 538 1,754 Net Income 369 2,143 2,150 5,954 Less: net income attributable to noncontrolling interests 23 46 41 199 Net Income Attributable to Phillips 66 $ 346 2,097 2,109 5,755 Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) Basic $ 0.82 4.72 4.97 12.65 Diluted 0.82 4.69 4.94 12.59 Weighted-Average Common Shares Outstanding (thousands) Basic 417,305 444,283 423,024 454,440 Diluted 418,803 447,258 425,555 457,205 See Notes to Consolidated Financial Statements. 1 Table of Contents Consolidated Statement of Comprehensive Income Phillips 66 Millions of Dollars Three Months Ended September 30 Nine Months Ended September 30 2024 2023 2024 2023 Net Income $ 369 2,143 2,150 5,954 Other comprehensive income (loss) Defined benefit plans Amortization of net actuarial loss and settlements 2 2 9 17 Plans sponsored by equity affiliates — — 1 3 Income taxes on defined benefit plan

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 nine months ended September 30, 2024, are not necessarily indicative of the results expected for the full year. Certain prior period financial information has been reclassified and recast for comparability. See Note 19—Cash Flow Information and Note 21—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

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