Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces fourth-quarter 2019 earnings of $736 million, compared with $712 million in the third quarter of 2019. Excluding special items of $47 million in the fourth quarter, adjusted earnings were $689 million, compared with third-quarter adjusted earnings of $1.4 billion.
“We maintained our strong safety performance and advanced our strategic initiatives during the quarter, but a challenging market environment and turnaround activity impacted our financial results,” said Greg Garland, chairman and CEO of Phillips 66. “Midstream delivered solid operating and financial performance during the quarter, contributing to record 2019 results for the transportation and NGL businesses. We continued to execute our major growth projects with the initial startup of the Gray Oak Pipeline and are progressing the Sweeny Hub expansion and the Red Oak and Liberty pipelines. Our Refining and Chemicals businesses ran at 97% utilization. In Marketing, we formed a new West Coast retail joint venture that will further secure long-term placement of our refinery production and increase our exposure to retail margins.”
“During the fourth quarter, we returned $810 million to shareholders through dividends and share repurchases, and for the year we returned a total of $3.2 billion. Since 2012, we have returned $26 billion to our shareholders and reduced our initial shares outstanding by 33%. As we begin 2020, we are focused on operating excellence, executing our growth projects, enhancing returns on existing assets and exercising disciplined capital allocation. We are committed to continued strong shareholder distributions through a secure, growing, competitive dividend, and repurchasing shares when they trade below intrinsic value.”
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SOURCE: Phillips 66
