Phillips 66 beats by $0.05 (95.36)
- Reports Q1 (Mar) earnings of $0.40 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.35.
- "Our first-quarter results reflect the benefit of our diversified portfolio despite a weak market environment," said Greg Garland, chairman and CEO of Phillips 66. "In Chemicals, CPChem operated at 98% O&P utilization, and in Midstream, we had strong operating performance across our NGL value chain. We executed major turnaround activities at several refineries and were impacted by unplanned downtime. We returned $708 million to shareholders through dividends and share repurchases in the quarter. We continued to advance our major growth projects, including the Gray Oak Pipeline and the new Sweeny fractionators.