Phillips 66 PSX shares are trading lower after it reported first-quarter FY24 results.
Revenue of $36.436 billion exceeded the consensus of $33.075 billion. Adjusted EPS of $1.90 missed the consensus of $2.17.
Midstream segment adjusted pre-tax income stood at $613 million, vs. $754 million in the fourth quarter of fiscal 2023.
The Chemicals segment adjusted pre-tax income stood at $205 million vs. $106 million in the prior quarter. Global olefins and polyolefins utilization was at 96% for the quarter.
The Refining segment adjusted pre-tax income stood at $228 million (vs. $797 million prior quarter) and Marketing and Specialties segment adjusted pre-tax income declined to $345 million from $432 million prior quarter.
Phillips 66’s operating cash flow stood at $1.2 billion in the quarter, excluding working capital impacts of $1.4 billion, mainly due to inventory builds.
As of March-end, the company had cash and cash equivalents of $1.6 billion and committed capacity available under its credit facility worth $3.5 billion.
During the quarter, Phillips 66 funded $1.2 billion in share repurchases, $448 million in dividends, and $628 million in capital expenditures and investments.
Phillips 66 continued to project shareholder distributions of $13 billion to $15 billion by 2024.
Phillips 66 achieved $1.2 billion in run-rate cost and capital reductions as of March 31, with a $1.4 billion target for 2024.
Investors can gain exposure to the stock via IShares U.S. Oil & Gas Exploration & Production ETF IEO and VanEck Oil Refiners ETF CRAK.
Read: Phillips 66 Explores Sale Of Rockies Express Pipeline Stake Worth Over $1B: Report
Price Action: PSX shares are down 3.7% at $151.40 at the last check Friday.
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