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Phillips 66 PSX

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Phillips 66's Q2 Earnings Improve on Stellar Result in Chemicals; Refining Still Faces Headwinds

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Phillips 66 reported adjusted earnings of $329 million during the second quarter compared with an adjusted loss of $324 million the year before as commodity markets continued to normalize and demand improved with the easing of lockdown restrictions. Each segment posted year-over-year improvements, with the chemical segment contributing the biggest gains while the refining segment still posted a loss during the quarter due to in part to high renewable fuel compliance costs.

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Company Profile

Business Description

Phillips 66 is an independent refiner with 13 refineries that have a total throughput capacity of 2.2 million barrels per day. The midstream segment comprises extensive transportation and natural gas liquid processing assets including those held in Phillips 66 partners, in which Phillips 66 owns a 74% interest. It also includes its DCP Midstream joint venture, which holds 45 natural gas processing facilities, 11 NGL fractionation plants, and a natural gas pipeline system with 58,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.

2331 CityWest Boulevard
Houston, TX, 77042
T +1 281 293-6600
Sector Energy
Industry Oil & Gas Refining & Marketing
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Distressed
Employees 14,300