Phillips 66 reported third-quarter 2024 earnings of $346 million, a decrease from $1.0 billion in the second quarter of 2024. Adjusted earnings for the quarter were $859 million, down from $984 million in the prior quarter, with diluted earnings per share of $0.82 and adjusted diluted EPS of $2.04.
The results included a $605 million legal accrual in the Marketing and Specialties segment, $41 million in costs related to the planned shutdown of the Los Angeles Refinery in the Refining segment, and a $28 million impairment in the Midstream segment. The Refining segment reported a loss of $108 million, impacted by lower realized margins of $8.31 per barrel, down from $10.01 per barrel in Q2.
Despite these challenges, the Chemicals segment saw earnings increase to $342 million from $222 million, while Midstream earnings were $644 million. Phillips 66 generated $1.132 billion in cash flow from operations and returned $1.277 billion to shareholders through $800 million in share repurchases and $477 million in dividends. The company also stated it achieved its cost reduction and Midstream synergy targets and made significant progress on its asset disposition program.
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