Phillips 66, a leading integrated downstream energy provider, reported first-quarter earnings of $487 million or $1.18 per share; adjusted loss of $368 million or $0.90 per share; including $246 million of pre-tax accelerated depreciation on Los Angeles refinery. The company received $2.0 billion in cash proceeds from the previously announced sales of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC.

Midstream first-quarter 2025 adjusted pre-tax income decreased compared with the fourth quarter mainly due to lower volumes, partially offset by higher margins primarily driven by gathering and processing results. Chemicals adjusted pre-tax income increased mainly due to higher volumes and lower costs. Refining adjusted pre-tax loss increased primarily due to lower volumes and higher costs driven by planned turnaround activity, partially offset by increased realized margins from higher market crack spreads.

“Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget. Our assets, not impacted by planned maintenance, ran well,” said Mark Lashier, chairman and CEO of Phillips 66. “With the bulk of our turnarounds behind us, we are well positioned to capture stronger margins as the year unfolds.

“The acquisition of EPIC NGL earlier this month, and today’s announcement that we are constructing a new gas plant in the Permian, furthers our integrated NGL wellhead-to-market strategy, providing stable cash flow in uncertain market environments, enabling us to consistently return over 50% of net operating cash flow to shareholders.”

As of March 31, 2025, the company had $1.5 billion of cash and cash equivalents and $5.4 billion of committed capacity available under credit facilities. Total debt was $18.8 billion, a reduction of $1.3 billion from the prior quarter.