NYSE$PSX
Phillips 66 · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Phillips 66 reported strong financial results for Q1 2023, driven by refining operations and strategic priorities.
Phillips 66 reported first-quarter earnings of $2.0 billion, or $4.20 per share. The company generated $1.2 billion of operating cash flow and returned $1.3 billion to shareholders through dividends and share repurchases.
- Reported first-quarter earnings of $2.0 billion or $4.20 per share
- Generated $1.2 billion of operating cash flow, $2.5 billion excluding working capital
- Returned $1.3 billion to shareholders through dividends and share repurchases
- Achieved strong Refining operations, turnaround execution and market capture
Headline financials
Revenue & EPS history
Phillips 66 · Revenue · Quarterly
$34.4B
Forward guidance
Phillips 66 is on track to deliver $1 billion in run-rate savings by the end of 2023 under its business transformation initiative. The Rodeo Renewed refinery conversion project is expected to begin commercial operations in the first quarter of 2024.
Tailwinds
- On track to deliver $1 billion in run-rate savings by the end of 2023
- Achieved over $600 million of run-rate savings at the end of Q1
- Completing acquisition of DCP Midstream, LP public common units by the end of the second quarter
- Total increase in the company’s economic interest in DCP Midstream is expected to generate an incremental $1 billion of annual adjusted EBITDA
- On track to capture over $300 million of commercial and operating synergies
Headwinds
- Global olefins and polyolefins utilization was 94% for the quarter.
- Fair value of the company’s investment in NOVONIX, Ltd. decreased by $12 million
- Pre-tax turnaround costs for the first quarter were $234 million.
- Santa Maria facility safely shut down
- Lower international marketing margins
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.2%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+2.1%
Avg return
30 days after
49%
30 / 61 earnings
Positive
+6.0%
Q3 2019
Best reaction
-7.9%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.4% | +8.1% | +6.5% | |
| Q4 2025 | +5.4% | +6.4% | +12.1% | |
| Q3 2025 | +3.5% | +3.2% | +2.5% | |
| Q2 2025 | +0.1% | -0.3% | +6.7% | |
| Q1 2025 | -0.7% | -0.6% | +8.1% | |
| Q4 2024 | -2.5% | +2.1% | +7.3% | |
| Q3 2024 | -5.3% | -6.9% | +3.5% | |
| Q2 2024 | +3.6% | -4.7% | -2.8% | |
| Q1 2024 | -3.6% | -10.8% | -9.3% | |
| Q4 2023 | +2.2% | +3.4% | +1.3% | |
| Q3 2023 | +2.1% | +5.4% | +7.7% | |
| Q2 2023 | -1.5% | -0.6% | +4.5% | |
| Q1 2023 | -2.6% | -0.8% | +2.4% | |
| Q4 2022 | -7.9% | -7.2% | -0.6% | |
| Q3 2022 | -1.0% | -0.8% | +3.6% | |
| Q2 2022 | -0.6% | -2.8% | +4.7% | |
| Q1 2022 | +2.3% | +10.3% | +16.6% | |
| Q4 2021 | -1.2% | +2.2% | -1.3% | |
| Q3 2021 | +1.8% | +2.9% | -9.8% | |
| Q2 2021 | -2.5% | +0.7% | -4.8% | |
| Q1 2021 | +3.5% | +4.8% | +3.8% | |
| Q4 2020 | -5.7% | -0.2% | +16.2% | |
| Q3 2020 | +4.3% | +4.2% | +41.9% | |
| Q2 2020 | -3.1% | -1.8% | -2.1% | |
| Q1 2020 | +0.4% | -1.7% | +7.0% | |
| Q4 2019 | -7.7% | -3.9% | -22.4% | |
| Q3 2019 | +6.0% | +5.3% | +5.4% | |
| Q2 2019 | +1.2% | +1.0% | -6.3% | |
| Q1 2019 | -3.7% | -6.1% | -13.9% | |
| Q4 2018 | +2.7% | +4.8% | +2.8% | |
| Q3 2018 | +0.0% | +4.4% | -9.6% | |
| Q2 2018 | +5.3% | +6.0% | +2.8% | |
| Q1 2018 | -1.1% | +1.8% | +2.7% | |
| Q4 2017 | -5.6% | -5.2% | -9.4% | |
| Q3 2017 | -0.2% | +1.2% | +2.7% | |
| Q2 2017 | +3.5% | +2.2% | +0.1% | |
| Q1 2017 | +1.9% | +2.0% | -0.8% | |
| Q4 2016 | -2.4% | -2.7% | -3.3% | |
| Q3 2016 | +1.5% | -2.1% | +6.1% | |
| Q2 2016 | -2.6% | +3.2% | +3.1% | |
| Q1 2016 | -6.4% | — | — | |
| Q4 2015 | +1.0% | — | — | |
| Q3 2015 | +4.8% | — | — | |
| Q2 2015 | -0.6% | — | — | |
| Q1 2015 | +0.8% | — | — | |
| Q4 2014 | +2.9% | — | — | |
| Q3 2014 | -0.2% | — | — | |
| Q2 2014 | -1.6% | — | — | |
| Q1 2014 | +0.4% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q3 2013 | +0.5% | — | — | |
| Q2 2013 | +3.5% | — | — | |
| Q1 2013 | -1.1% | — | — | |
| Q4 2010 | -1.5% | — | — | |
| Q4 2012 | +1.2% | — | — | |
| Q3 2011 | -2.0% | — | — | |
| Q3 2012 | -0.3% | — | — | |
| Q2 2011 | +4.6% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q4 2011 | -1.3% | — | — | |
| Q1 2012 | -6.0% | — | — | |
| Q1 2011 | — | — | — |
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