secwatch.observer — SEC 8-K summary
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Issuer:     Phillips 66 (PSX)
CIK:        0001534701
Form:       8-K
Filed at:   2024-04-26T23:59:59+00:00
Accession:  0001534701-24-000101
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Phillips 66 Q1 earnings $748M ($1.73 EPS) vs $1.96B year ago; adjusted EPS $1.90
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- Adjusted earnings $822M ($1.90 EPS), down from $1.97B ($4.21) in Q1 2023 and $1.36B ($2.97) in Q4 2023.
- Refining pre-tax income fell to $131M (adj. $228M) from $1.6B in Q1 2023; crude utilization 92%.
- Returned $1.6B to shareholders via $1.2B buybacks and $448M dividends; $9.9B returned since July 2022.
- Dividend raised 10% to $1.15/quarter; company on track for $1.4B cost savings by year-end 2024.
- Rodeo renewable fuels complex started producing 30,000 bpd; targeting 50,000 bpd by end of Q2 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1534701/000153470124000101/0001534701-24-000101-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1534701/000153470124000101/psx-20240426.htm
  HTML page:      https://secwatch.observer/filing/0001534701-24-000101

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer