Phillips 66 Refining Nearly Double to $6B in Q3


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- Phillips 66 reported Wednesday (10/28) earnings of 
$6.031 billion in its refining segment during the third quarter of 2026, nearly 
doubling from $3.062 billion in the second quarter, driven by higher realized 
margins and volumes as market crack spreads increased.

   Adjusted refining earnings rose to $6.060 billion from $3.086 billion in the 
prior quarter. Adjusted refining EBITDA increased to $6.278 billion from $3.307 
billion.

   Realized refining margins climbed to $38.00 bbl from $24.08 bbl in the 
second quarter, while crude capacity utilization increased to 98% from 96%. 
Clean product yield remained at 86%, while distillate yield reached a 
third-quarter record of 41%. Turnaround expenses declined to $79 million from 
$123 million.

   Phillips 66 reported overall third-quarter earnings of $5.616 billion, up 
from $3.847 billion in the second quarter. Adjusted earnings increased to 
$5.619 billion from $3.788 billion.

   Midstream earnings declined to $702 million from $785 million, mainly due to 
lower gas transportation margins. Chemicals earnings fell to $311 million from 
$404 million, primarily reflecting lower polyethylene margins.

   Marketing and Specialties earnings decreased to $245 million from $583 
million, while Renewable Fuels earnings fell to $191 million from $544 million.

   Phillips 66 returned $2.777 billion to shareholders during the quarter and 
reduced total debt by $2.035 billion to $18.530 billion. Net debt fell by 
$3.784 billion to $12.682 billion.




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