Phillips 66

PSX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$975.00	Ymypph	Bndwwfc

Phillips 66 Earnings: Refining Drives Earnings Improvement, but Diversified Portfolio Holds Value

Allen Good

May 9, 2023

Phillips 66 reported first-quarter earnings that exceeded market expectations as adjusted earnings increased to $2.0 billion compared with $595 million a year ago. The improvement was largely a result of much greater refining earnings with higher midstream and marketing earnings offsetting weaker chemical earnings.

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