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Phillips 66 reported second-quarter 2026 earnings of $3.85 billion, or $9.55 per diluted share, compared with $207 million, or $0.51 per share, in the previous quarter.

Adjusted earnings reached $3.79 billion, or $9.41 per share, up from $200 million in the first quarter. Adjusted EBITDA increased to $5.89 billion from $1.23 billion.

The improvement was led by Phillips 66's refining business, where adjusted pre-tax income rose to $3.09 billion from $208 million. Realized refining margins more than doubled sequentially to $24.08 per barrel from $10.11, reflecting wider market crack spreads and favorable mark-to-market effects.

Refinery crude capacity utilization increased to 96% from 95%, while clean-product yield slipped by one percentage point to 86%. The company also completed planned turnarounds at its Wood River refinery in Illinois and Humber refinery in the United Kingdom.

Marketing and Specialties generated adjusted pre-tax income of $514 million, reversing a $141 million loss in the first quarter. Phillips 66 attributed the turnaround primarily to higher global marketing margins and favorable mark-to-market effects.

Renewable Fuels recorded pre-tax income of $544 million, compared with a $41 million loss in the previous quarter. The increase was driven by higher regulatory-credit prices, greater renewable-fuel production and favorable mark-to-market impacts. Production climbed to 53,000 barrels per day from 40,000 barrels per day.

Midstream pre-tax income rose to $785 million from $591 million as margins and volumes improved following disruption from Winter Storm Fern in the prior quarter. Phillips 66 reported record natural gas liquids fractionation and liquefied petroleum gas export volumes, with fractionation reaching 1.02 million barrels per day.

The company achieved full production at the 220-million-cubic-feet-per-day Dos Picos II gas plant in the Permian Basin. It also announced plans for the 300-million-cubic-feet-per-day Zeus gas plant and a 100,000-barrel-per-day NGL fractionator in Corpus Christi, Texas.

Phillips 66 reduced total debt by $6.6 billion during the quarter to $20.6 billion, while net debt fell to $16.5 billion. Its net debt-to-capital ratio declined to 33% from 43%.

Operating cash flow totaled $7.26 billion, while cash flow excluding working-capital movements was $4.32 billion. The company returned $887 million to shareholders through $508 million of dividends and $379 million of share repurchases.

By Charles Kennedy for Oilprice.com

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