---
schema_version: "secwatch.filing_event.v1"
accession: "0001534701-23-000076"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T01:02:57.980076+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 Q1 earnings $2.0B ($4.20/sh); dividend up 8% to $1.05, $800M buyback

## Summary
- Earnings $2.0B ($4.20/sh) vs. $582M in Q1 2022; adjusted EPS $4.21. Operating cash flow $2.5B ex working capital.
- Returned $1.3B to shareholders: $800M share repurchases + $486M dividends; quarterly dividend raised 8% to $1.05.
- Refining pre-tax $1.6B; market capture 93% on 90% crude utilization. Turnaround costs $234M.
- Midstream pre-tax $702M; DCP employees transitioned Apr 1; public-unit buy-in expected to close Q2 2023.
- Business transformation run-rate savings >$600M; on track for $1B by year-end 2023. Rodeo renewables start Q1 2024.

## SEC filing metadata
- accession: 0001534701-23-000076
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000153470123000076/0001534701-23-000076-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000153470123000076/psx-20230503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001534701-23-000076
- JSON: https://secwatch.observer/filing/0001534701-23-000076.json
- Plain text: https://secwatch.observer/filing/0001534701-23-000076.txt

## Key facts
- Earnings Releases
  Phillips 66 reported financial results for the quarter ended March 31, 2023.
  - Period: the quarter ended March 31, 2023
  - Result: reported results
  source text: On May 3, 2023, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000153470123000076/0001534701-23-000076-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.