Diversified energy company Phillips 66 (NYSE: PSX) on Wednesday announced operating results for the second quarter, reporting a decline in revenues and profit.
Total revenue and other income decreased 28% year-over-year to $35.74 billion in the second quarter of 2023. The company generated $1.0 billion of operating cash flow during the quarter.
Net income attributable to Phillips 66 was $1.70 billion or $3.72 per share in the June quarter, compared to $3.17 billion or $6.53 per share in the prior-year period. Adjusted earnings declined sharply to $3.87 per share from $6.77 per share last year.
“We demonstrated operational excellence across our portfolio, running above industry average utilization in Refining and achieving record NGL frac volumes in Midstream,” said Mark Lashier, CEO of Phillips 66.