---
schema_version: "secwatch.filing_event.v1"
accession: "0001534701-24-000030"
form_type: "8-K"
ticker: "PSX"
cik: "0001534701"
company_name: "Phillips 66"
filed_at: "2024-01-31T23:59:59+00:00"
generated_at: "2026-06-06T13:27:10.512616+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Phillips 66 Q4 net earnings $1.3B, adj. EPS $3.09; returns $1.6B to shareholders; progress on cost savings

## Summary
- Q4 GAAP EPS $2.86; adjusted EPS $3.09; full-year adj. EPS $15.81.
- Operating cash flow $2.2B in Q4; returned $1.6B via dividends and buybacks.
- Refining adjusted pre-tax income $797M vs $1.74B in Q3 due to lower realized margins ($14.41/bbl vs $18.96/bbl).
- Midstream adjusted pre-tax $423M, record NGL fractionation and LPG export volumes; DCP synergies $250M.
- Achieved $1.2B run-rate cost savings; targeting $1.4B by end of 2024; Rodeo Renewed startup expected Q1 2024.

## SEC filing metadata
- accession: 0001534701-24-000030
- form_type: 8-K
- ticker: PSX
- cik: 0001534701
- company_name: Phillips 66
- filed_at: 2024-01-31T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1534701/000153470124000030/0001534701-24-000030-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1534701/000153470124000030/psx-20240131.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001534701-24-000030
- JSON: https://secwatch.observer/filing/0001534701-24-000030.json
- Plain text: https://secwatch.observer/filing/0001534701-24-000030.txt

## Key facts
- Earnings Releases
  Phillips 66 reported the quarter ended December 31, 2023 results: net income $1.3 billion, EPS $2.86 per share.
  - Period: the quarter ended December 31, 2023
  - Net income: $1.3 billion
  - EPS: $2.86 per share
  - Result: reported results
  source text: On January 31, 2024, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000153470124000030/0001534701-24-000030-index.htm
- Earnings Releases
  Phillips 66 reported the quarter ended December 31, 2023 results: net income $1.3 billion, EPS $2.86 per share.
  - Period: the quarter ended December 31, 2023
  - Net income: $1.3 billion
  - EPS: $2.86 per share
  - Result: reported results
  source text: Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced fourth-quarter earnings of $1.3 billion, compared with earnings of $2.1 billion in the third quarter.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000153470124000030/0001534701-24-000030-index.htm
- Earnings Releases
  Phillips 66 reported Full-Year 2023 results: net income $7.0 billion, EPS $15.48 per share.
  - Period: Full-Year 2023
  - Net income: $7.0 billion
  - EPS: $15.48 per share
  - Result: reported results
  source text: Earnings of $7.0 billion or $15.48 per share; adjusted earnings of $7.2 billion or $15.81 per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1534701/000153470124000030/0001534701-24-000030-index.htm

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