Phillips 66 reported fourth-quarter 2024 earnings of $8 million, a significant drop from $346 million in the third quarter. The company posted an adjusted loss of $61 million, compared to adjusted earnings of $859 million in the prior quarter, with diluted EPS of $0.01 and an adjusted diluted loss per share of $0.15.
The Refining segment reported a substantial loss of $775 million, down from a loss of $108 million in Q3, primarily due to lower realized margins of $6.08 per barrel. Chemicals earnings also decreased to $107 million from $342 million. However, the Midstream segment saw increased earnings of $673 million, and Renewable Fuels reported earnings of $28 million.
Phillips 66 announced new financial and operational targets through 2027, prioritizing debt reduction, a lowered cost structure, and EBITDA growth, committing to return over 50% of operating cash flow to shareholders. The company also highlighted achieving its strategic priority targets for shareholder distributions and asset dispositions, and improving Refining performance with above industry-average crude utilization and a $1 per barrel cost reduction.
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