Diversified energy company Phillips 66 (NYSE: PSX) on Wednesday announced results for the first quarter, reporting a decline in revenues and a sharp increase in adjusted profit.
Total revenue and other income decreased 4% year-over-year to $35.09 billion for the first quarter of 2023.
Net income attributable to Phillips 66 was $1.96 billion, or $4.20 per share in the first quarter, compared to $582 million or $1.29 per share in the prior-year period. Adjusted earnings rose sharply to $4.21 per share from $1.32 per share last year.
“We continued to make progress on our strategic priorities, delivering strong financial and operating results in the quarter,” said Mark Lashier, CEO of Phillips 66.
