The following is a summary of the Phillips 66 (PSX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Phillips 66 reported adjusted earnings of $822 million, or $1.90 per share, for Q1 2024.

• Operating cash flow, excluding working capital was $1.2 billion.

• The company distributed $1.6 billion to shareholders through $1.2 billion of share repurchases and $448 million of dividends.

• Capital spending for the quarter was $628 million, and the adjusted effective tax rate was 21%.

• The net debt to capital ratio was 38%.

• Despite a loss in the first quarter for the Rodeo Renewed Project, Phillips 66 expects progression towards profitability with optimized performance over the year.

Business Progress:

• The firm returned significant cash to shareholders and made progress on strategic priorities, despite being impacted by maintenance limiting its ability to create higher value products.

• Phillips 66 plans to divest its retail marketing business in Germany and Austria, distribute almost $10 billion through share repurchases and dividends by the end of 2024, and has announced a 10% increase in its quarterly dividend.

• Significant advancement was made with the startup of the Rodeo Renewable Energy Complex, expected to produce 50,000 barrels of renewable fuels per day by the end of Q2 2024.

• Cost reductions and sustaining capital efficiencies have realized $1.24 billion in savings, with an additional $1 billion of cost reductions projected for 2024.

• The firm looks forward to becoming a significant supplier in the sustainable aviation fuel (SAF) market from Q3 2024, with the ability to produce about 10,000 barrels per day of renewable jet fuel.

More details: Phillips 66 IR

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