Phillips 66(PSX) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for 2025 reached $31,726 million, compared to$36,436 million in 2024, reflecting a decrease of approximately 12.5% year-over-year[2] - Net income attributable to Phillips 66 for 2025 was $487 million, down from$748 million in 2024, representing a decline of about 34.8%[4] - The company reported a basic earnings per share of $1.19 for the first quarter of 2025, compared to$1.74 in the same quarter of 2024, indicating a decrease of approximately 31.6%[3] - Adjusted net income for 2025 was $882 million, down from$1,176 million in 2024, indicating a decline of approximately 25.0%[7] - Adjusted Net Income attributable to Phillips 66 was a loss of $368 million in 2025, compared to a profit of$2,604 million in 2024[8] - The company reported a diluted loss per share of $0.90 in 2025, down from a profit of$6.15 in 2024[8] - Net income for 2025 1st quarter was $526 million, compared to$2,175 million year-to-date for 2024[17] - Net income for 2025 YTD reached $1,726 million, compared to$1,770 million for the same period in 2024, reflecting a decrease of 2.5%[29] - The company reported a total loss before income taxes of $937 million for 2025, compared to a loss of$365 million for the full year 2024[32] Operating Expenses - Operating expenses for 2025 totaled $1,622 million, an increase from$1,452 million in 2024, marking an increase of about 11.7%[2] - The company’s total costs and expenses for 2025 were $31,078 million, compared to$35,472 million in 2024, a decrease of about 12.5%[2] - Total operating and SG&A expenses for 2025 Q1 were $511 million, a slight increase from$568 million in 2024 Q4, showing a decrease of 10%[22] - Operating and SG&A expenses totaled $1,120 million in 2025, an increase from$991 million in 2024[33] Segment Performance - The refining segment reported a loss of $937 million in the first quarter of 2025, compared to a profit of$216 million in the second quarter of 2024[5] - Midstream income for 2025 was $751 million, up from$554 million in 2024, reflecting an increase of approximately 35.6%[5] - The Chemicals segment reported an Adjusted EBITDA of $1,348 million for 2025, with Q4 contributing$348 million[10] - The Refining segment experienced a loss of $966 million in Adjusted EBITDA for 2025, with Q1 showing a loss of$452 million[10] - Marketing and Specialties segment generated an Adjusted EBITDA of $1,824 million in 2025, with Q4 contributing$484 million[10] Capital Expenditures - Consolidated capital expenditures and investments for 2025 1st quarter totaled $423 million, with a year-to-date total of$1,859 million for 2024[20] - The company’s capital expenditures for growth in 2025 1st quarter were $229 million, while sustaining expenditures were$194 million[20] - Capital expenditures and investments for 2025 YTD totaled $1,617 million, a decrease from$1,646 million in 2024 YTD[29] Taxation - The effective tax rate for the first quarter of 2025 was 18.8%, consistent with the same rate in the first quarter of 2024[3] - The income tax expense for Q1 2025 is $122 million, with a total of$500 million for the full year 2024[60] - The adjusted effective tax rate for the full year 2024 is 20.5%, reflecting the overall tax strategy[60] Market Strategy - The company plans to focus on market expansion and new technology development to enhance future performance[6] - The company plans to enhance market expansion strategies and invest in new technologies to improve operational efficiency[39] Asset Dispositions - The company recognized impairments totaling $346 million in the Midstream segment for 2024[12] - The net gain on asset disposition in the Marketing and Specialties segment was$1,017 million in 2025[12] - The company reported a net gain on asset disposition of $(68) million in 2025 Q1, compared to$(238) million in 2024 Q3, indicating a reduction in losses[25] - The company recorded a net gain on asset disposition of $(1,085) million in Q1 2025, impacting overall financial performance[47] Market Conditions - The realized refining margin for the Atlantic Basin/Europe was$7.08 per barrel in 2025, down from $7.42 per barrel in 2024[32] - Worldwide refining margins averaged$6.81 per barrel in 2025, down from $8.84 per barrel in 2024[32] - The weighted-average NGL price in 2025 Q1 was$0.74 per gallon, up from $0.68 per gallon in 2024 Q4, indicating an increase of 8.8$4.27 per MMBtu, significantly higher than $2.24 per MMBtu in 2024 Q4, marking an increase of 90.5$71.46 per BBL, a decrease from $75.83 per BBL in 2024 Q4, reflecting a decline of 5.0$18,803 million, down from $20,154 million in Q4 2024[46] - Total Equity as of Q1 2025 was$28,353 million, a decrease from $30,794 million in Q4 2024[46] - Debt-to-Capital Ratio remained stable at 40$1,064 million in 2025, compared to a loss of $710 million in 2024[12] - The special items impacted the income (loss) before income taxes significantly, with$(1,064) million in Q1 2025[60]