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.
Phillips 66 is expanding its midstream and chemical segments so that refining will represent a smaller portion of earnings over time, mitigate the risk of falling refined product demand and increase the valuation multiple.
Efforts to improve refining profitability and create value from an integrated downstream and midstream model might not prove successful, leaving shares and capital returns lagging peers.
|
Metric
|
PSX
|
DINO
|
MPC
|
|---|---|---|---|
Price/Earnings (Normalized) | 23.29 | 11.83 | 20.65 |
Price/Book Value | 2.57 | 1.33 | 4.58 |
Price/Sales | 0.55 | 0.48 | 0.58 |
Price/Cash Flow | 11.30 | 7.73 | 8.68 |
|
Metric
|
PSX
|
DINO
|
MPC
|
|---|---|---|---|
Quick Ratio | 0.71 | 0.85 | 0.69 |
Current Ratio | 1.13 | 1.79 | 1.18 |
Interest Coverage | 5.25 | 8.32 | 6.12 |
|
Metric
|
PSX
|
DINO
|
MPC
|
|---|---|---|---|
Return on Assets (Normalized) | 4.19% | 6.62% | 7.19% |
Return on Equity (Normalized) | 11.49% | 12.08% | 35.48% |
Return on Invested Capital (Normalized) | 7.99% | 9.99% | 12.51% |
|
1-Day Chart
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