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Phillips 66 PSX

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Morningstar’s Analysis

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1-Star Price

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5-Star Price

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Economic Moat

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Capital Allocation

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Phillips 66 Posts First-Quarter Loss As Results Affected by Winter Storm; Near-Term Focus on Debt Reduction

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Phillips 66 reported an adjusted loss of $509 million during the first quarter compared with adjusted earnings of $450 million the year before. Although market conditions showed an improvement, Phillips 66 realized lower utilization and higher costs across each business related to winter storms. As such, the quarterly results do not change our thesis of a continued economic recovery driving an improvement in the refining market, benefiting independent refiners. Our fair value estimate and narrow moat rating remain unchanged.     

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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 44 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.

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

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