Phillips 66

PSX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Phillips 66 Earnings: Underlying Performance Strong as Volatility Muddies Results

Allen Good

Apr 30, 2026

Phillips 66’s first-quarter 2026 earnings topped expectations, as refining performed better than what was guided to a few weeks ago. Volatility during the quarter resulted in $839 million in mark-to-market hedging pretax losses, a large working capital build, and an increase in short-term debt.

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Phillips 66

Phillips 66 Earnings: Underlying Performance Strong as Volatility Muddies Results

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