# Phillips 66 (PSX) Q2 2025 Financial Results Summary
HOUSTON, July 25, 2025 – Phillips 66 (NYSE: PSX) announced its financial results for the second quarter. Below is a summary of the key metrics and insights from the report.
### Financial Highlights
– **Reported Earnings:**
– $877 million, compared to $487 million in Q1 2025 (increase of **80%**).
– **Adjusted Earnings:**
– $973 million vs. a loss of $368 million in Q1 2025 (turnaround to positive performance).
– **Earnings Per Share:**
– Diluted earnings: $2.15 vs. $1.18 in Q1 2025 (increase of **82%**).
– Adjusted earnings per share: $2.38 vs. a loss of $0.90 in Q1 2025.
– **Net Operating Cash Flow:**
– $845 million or $1.9 billion excluding working capital.
– **Capital Expenditures & Investments:**
– $587 million, an increase from $423 million in Q1 2025 (increase of **39%**).
– **Shareholder Returns:**
– Returned $906 million to shareholders through dividends and share repurchases, including:
– **Dividends Paid on Common Stock:**
– $487 million, compared to $469 million in Q1 2025 (increase of **4%**).
– **Repurchases of Common Stock:**
– $419 million, an increase from $247 million in Q1 2025 (increase of **69%**).
– **Debt Metrics:**
– Total debt: $20.935 billion, up from $18.803 billion in Q1 2025.
– Debt-to-capital ratio: 42% vs. 40% in Q1 2025 (increase of **2%**).
– Net debt-to-capital ratio: 41% vs. 38% in Q1 2025 (increase of **3%**).
### Operational Highlights
– **Refining Operations:**
– Capacity utilization: 98%, marking the highest since 2018 (up from 80% in Q1 2025).
– Clean product yield: 86%, slightly down from 87% in Q1 2025.
– Realized margin: $11.25 per barrel, up from $6.81 in Q1 2025 (increase of **65%**).
– **Midstream Operations:**
– Adjusted EBITDA of approximately $1 billion, increased following the acquisition of Coastal Bend.
– Pipeline throughput increased to 956 MB/D from 704 MB/D in Q1 2025 (increase of **36%**).
– **Segment Performance:**
– **Midstream:** Earnings of $731 million, a decrease of $20 million from Q1 2025.
– **Chemicals:** $20 million earnings, down from $113 million in Q1 2025 (decrease of **82%**).
– **Refining:** Earnings of $359 million, rebounding from a loss of $937 million in Q1 2025 (increase of **138%**).
– **Marketing and Specialties:** Earnings of $571 million, down from $1.282 billion in Q1 2025 (decrease of **56%**).
– **Renewable Fuels:** Loss of $133 million, improving from a loss of $185 million in Q1 2025 (decrease of **28%**).
– **Corporate and Other:** Loss of $428 million, worsening from a loss of $376 million in Q1 2025.
### Strategic Developments
– Completed acquisition of EPIC NGL, now named Coastal Bend, to enhance midstream capabilities.
– Announced the sale of a 65% interest in its retail marketing business in Germany and Austria.
– Achieved record clean product yield year-to-date, reflecting a **2%** improvement from the previous year.
### Conclusion
In Q2 2025, Phillips 66 reported significant financial improvements across multiple segments, demonstrating robust operational execution, particularly in refining and midstream activities. The company’s strategy to enhance capacity and optimize costs has shown positive impacts on shareholder returns while setting the stage for continued growth.
For further details and updates, Phillips 66 will host an investor webcast to discuss these results and strategic initiatives.
