Phillips 66 reported significant financial growth in its latest quarterly results, with total revenues and other income reaching $52.0 billion for the three months ended June 30, 2026, a 55% increase from $33.5 billion in the same period last year. The company’s net income attributable to Phillips 66 surged to $3.8 billion, or $9.59 per share, compared to $908 million, or $2.15 per share, in the prior year. For the first half of 2026, net income was $4.1 billion, up from $1.4 billion in the first half of 2025, reflecting a strong recovery in refining margins and increased regulatory credit values in the Renewable Fuels segment.
The substantial revenue growth was driven by higher sales in refined petroleum products and renewable fuels, which accounted for $37.0 billion in sales for the second quarter, compared to $24.2 billion in the same quarter of 2025. The company also reported a notable increase in equity earnings from affiliates, which rose to $635 million from $153 million year-over-year, primarily due to improved performance from Chevron Phillips Chemical Company. Additionally, Phillips 66 recorded a net gain on dispositions of $117 million in the second quarter, contrasting with a net loss of $93 million in the same period last year.
Strategically, Phillips 66 has made significant acquisitions, including the full integration of WRB Refining LP, which was completed in October 2025 for $1.3 billion. This acquisition is expected to enhance the company's refining capabilities and market position. Furthermore, the company acquired the Lindsey Oil Refinery for $115 million in April 2026, aimed at improving fuel supply to U.K. customers. These acquisitions align with Phillips 66's focus on optimizing its operations and expanding its market reach.
Operationally, Phillips 66 has seen improvements in its refining segment, with a composite market crack spread averaging $41.63 per barrel in the second quarter of 2026, up from $21.65 per barrel in the same quarter of 2025. The company processed an average of 1.9 million barrels of crude oil per day, with a capacity utilization rate of 96%. The Renewable Fuels segment also reported increased production and sales, driven by higher regulatory credit values. As of June 30, 2026, Phillips 66 had total assets of $81.8 billion and a cash balance of $4.1 billion, reflecting a strong liquidity position.
Looking ahead, Phillips 66 aims to maintain its focus on disciplined growth and shareholder returns, targeting a reduction in total debt to $17 billion by the end of 2027. The company plans to return over 50% of net cash provided by operating activities to shareholders through dividends and share repurchases. With a robust operational framework and strategic acquisitions, Phillips 66 is well-positioned to navigate the evolving energy landscape and capitalize on market opportunities.
About Phillips 66
Phillips 66 is an integrated energy company engaged in refining, marketing, midstream transportation, chemicals, and renewable fuels. It operates refineries, pipelines, terminals, and produces petrochemicals, plastics, and renewable fuels. Serving global markets, it emphasizes safety, operational efficiency, and innovation. The company leverages extensive infrastructure, strategic investments, and joint ventures to deliver transportation fuels, chemicals, and renewable products worldwide.
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