Diversified energy company Phillips 66 (NYSE: PSX) on Wednesday announced operating results for the fourth quarter of 2023, reporting a decline in adjusted earnings.
- Fourth-quarter profit came in at $1.3 billion or $2.86 per share, vs. $1.90 billion or $3.97 per share in Q4 2022
- Adjusted earnings decreased to $3.09 per share in Q4 from $4.00 per share in the prior-year quarter
- Phillips 66 ended the quarter with an impressive operating cash flow of $2.2 billion
- During the three months, the company returned $1.6 billion to shareholders through dividends and share repurchases
- Midstream pre-tax income was $756 million in the December quarter; Chemicals pre-tax income, on an adjusted basis, came in at $106 million
- The Refining segment registered a pre-tax income of $814 million in Q4; Marketing and Specialties pre-tax income was $432 million