- Phillips 66 reported an adjusted loss per share of 90 cents, against an estimated loss of 73 cents per share.
- The adjusted pretax loss was $416 million, higher than the expected loss of $361.8 million.
- Midstream operations performed well, with an adjusted pretax of $683 million, surpassing the estimate of $655.4 million.
- The chemicals segment reported an adjusted pretax of $113 million, exceeding the estimate of $105.2 million.
- Refining operations recorded an adjusted pretax loss of $937 million, slightly better than the estimated loss of $951.6 million.
- The marketing and specialties segment achieved an adjusted pretax of $265 million.
- Refining margin per barrel was $6.81, above the anticipated $6.54.
- Cash flow from operations was $187 million, lower than the expected $223.6 million.
- Operating expenses totaled $1.07 billion.
- Cash and cash equivalents stood at $1.49 billion, slightly above the estimate of $1.47 billion.
- Mark Lashier, Chairman and CEO, emphasized strong asset performance unaffected by planned maintenance.
- The results reflect a challenging macro environment and the impact of a large-scale spring turnaround program completed safely and efficiently.
- Analysts recommend 13 buys, 8 holds, and 1 sell.
“`
Phillips 66 on Smartkarma
Analysts on Smartkarma, including Baptista Research, have been closely tracking Phillips 66 and offering valuable insights. In one report titled “Phillips 66 Gets a Wake-Up Call From Activist Investor”, Baptista Research discusses Elliott Investments’ push for change at the company, highlighting the demand for new board seats and the increased stake held by the hedge fund. This move by Elliott could potentially unlock value for Phillips 66 amidst boardroom battles.
Furthermore, Baptista Research‘s analysis in “Phillips 66: Refining Cost Reduction and Utilization Efficiency to Result in Margin Expansion?” delves into the company’s financial landscape, emphasizing its resilience in the face of challenges. Despite market headwinds, Phillips 66‘s focus on cost reduction, operational efficiencies, and strategic divestitures have contributed to positive outcomes, as seen in its adjusted earnings and strategic direction towards midstream assets and renewables.
A look at Phillips 66 Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 4 | |
| Resilience | 2 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.6 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Phillips 66, a downstream energy company specializing in oil refining, marketing, transportation, chemical manufacturing, and power generation, has received a promising long-term outlook based on the Smartkarma Smart Scores analysis. With high scores across the board, including Value, Dividend, Growth, and Momentum at 4, the company is positioned favorably in various aspects. Its strong value proposition and growth potential suggest a resilient business model that can weather market fluctuations while offering attractive returns to investors.
Despite a slightly lower score in Resilience at 2, Phillips 66‘s overall outlook remains positive, reflecting a solid foundation for long-term success in the energy sector. Investors may find the company an appealing choice for potential returns and stability, considering its robust performance across key indicators. The combination of solid fundamentals and growth prospects underscores Phillips 66‘s position as a noteworthy player in the energy industry with potential for sustained success.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Analytics and News
- ✓ Events & Webinars
