---
schema_version: "secwatch.filing_event.v1"
accession: "0001534701-23-000145"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2023-10-27T23:59:59+00:00"
generated_at: "2026-06-09T06:58:47.891113+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 Q3 adj. EPS $4.63; raises shareholder return target to $13-15B

## Summary
- Q3 adjusted earnings $2.1B ($4.63/share); reported $2.1B ($4.69/share); operating cash flow $2.7B.
- Shareholder distribution target increased to $13-15B from $10-12B; $5B additional share repurchase authorization; at least 50% of operating cash flow returned.
- Refining pre-tax income $1.71B (adj. $1.74B) on 95% crude utilization; realized margins $18.96/bbl, up from $15.32 in Q2.
- Business transformation run-rate target raised to $1.4B by end 2024; mid-cycle adj. EBITDA growth target increased to $4B by 2025.
- Plans to monetize over $3B in non-core assets; Rodeo Renewed renewable fuels facility expected to start Q1 2024.

## SEC filing metadata
- accession: 0001534701-23-000145
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2023-10-27T23:59:59+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/1534701/000153470123000145/0001534701-23-000145-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000153470123000145/psx-20231027.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001534701-23-000145
- JSON: https://secwatch.observer/filing/0001534701-23-000145.json
- Plain text: https://secwatch.observer/filing/0001534701-23-000145.txt

## Key facts
- Earnings Releases
  Phillips 66 reported the quarter ended September 30, 2023 results: net income $2.1 billion, EPS $4.69 per share. Guidance raised.
  - Period: the quarter ended September 30, 2023
  - Net income: $2.1 billion
  - EPS: $4.69 per share
  - Guidance: raised
  - Result: reported results
  source text: Phillips 66 Reports Third-Quarter 2023 Financial Results and Update to Strategic Priorities Third-Quarter Results • Reported third-quarter earnings of $2.1 billion or $4.69 per share; adjusted earnings of $2.1 billion or $4.63 per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000153470123000145/0001534701-23-000145-index.htm

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