Phillips 66 Q2 earnings $3.8B ($9.55/sh) vs Q1 $207M; debt cut $6.6B

Phillips 66

Q2 GAAP earnings $3.8B ($9.55 diluted EPS); adjusted earnings $3.8B ($9.41 adjusted EPS).
Reduced total debt by $6.6B to $20.6B; net debt $16.5B; debt-to-capital ratio improved to 39% from 48%.
Record NGL fractionation and LPG export volumes; Refining utilization 96% with clean product yield 86%.
Announced Zeus Gas Plant (300 MMCFD) in Permian and Coastal Bend NGL Fractionator (100 MBD) in Corpus Christi.
Returned $887M to shareholders via dividends ($508M) and buybacks ($379M).

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