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EX-99.1

2 psx-2026331_ex991.htm

EX-99.1

Document

Exhibit 99.1

•Reported first-quarter earnings of $207 million or $0.51 per share; adjusted earnings of $200 million or $0.49 per share

•Formally increased Sweeny NGL fractionation capacity and Freeport LPG export dock capacity by 23% and 15%, respectively, reflecting 2025 debottlenecking

•Refining operated at 95% capacity utilization with 87% clean product yield

•Increased the annualized quarterly dividend by 7%

•Ended the quarter with liquidity of approximately $6.0 billion

HOUSTON, April 29, 2026 – Phillips 66 (NYSE: PSX) announced first-quarter earnings.

“We are confident in our ability to navigate market volatility due to our integrated business and the strength of our balance sheet. Backed by disciplined execution and strong operating performance, we remain well positioned to provide energy to the global market,” said Mark Lashier, chairman and CEO of Phillips 66.

“Attractive fundamentals across our businesses further support our position to deliver strong returns and long-term shareholder value. We remain committed to our previously stated shareholder return and debt reduction targets.”

Business Highlights and Strategic Priorities Progress

•Recently announced advancement of Western Gateway Pipeline following a successful second open season securing long-term shipper commitments.

•Iron Mesa gas plant, with design capacity of 300 MMCFD, continues construction as planned and is on schedule for startup in the first quarter of 2027.

•In April 2026, completed acquisition of Lindsey Oil Refinery and logistics assets with the plan to utilize select assets, enhancing our U.K. integrated business.

•Progressed Chemicals Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar with full operations expected in 2027.

Financial Results Summary

(in millions of dollars, except as indicated)

1Q 20264Q 2025

Earnings$2072,906

Adjusted Earnings1 2001,002

Adjusted EBITDA1 1,2682,532

Earnings Per Share

Earnings Per Share - Diluted0.517.17

Adjusted Earnings Per Share - Diluted1

0.492.47

Cash Flow from (Used in) Operations(2,264)2,752

Cash Flow from Operations, Excluding Working Capital1 6992,044

Capital Expenditures & Investments582682

Acquisitions, Net of Cash Acquired661,288

Proceeds from Asset Dispositions71,489

Return of Capital to Shareholders778756

Repurchases of Common stock269274

Dividends paid on Common stock509482

Cash and Cash Equivalents5,1501,116

Debt27,12419,716

Debt-to-Capital Ratio 48%39%

Net Debt-to-Capital Ratio1

43%38%

1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Segment Financial and Operating Highlights

(Millions of dollars, except as indicated)

1Q 20264Q 2025Change

Earnings (Loss)1 $2072,906(2,699)

Midstream591638(47)

Chemicals114(12)126

Refining208822(614)

Marketing and Specialties(161)2,396(2,557)

Renewable Fuels(41)(19)(22)

Corporate and Other(451)(372)(79)

Income tax expense(41)(526)485

Noncontrolling interests(12)(21)9

Adjusted Earnings (Loss)1,2 $2001,002(802)

Midstream591717(126)

Chemicals851966

Refining208542(334)

Marketing and Specialties(141)439(580)

Renewable Fuels(41)(19)(22)

Corporate and Other(451)(363)(88)

Income tax expense(39)(302)263

Noncontrolling interests(12)(31)19

Adjusted EBITDA2 $1,2682,532(1,264)

Midstream860952(92)

Chemicals250145105

Refining4231,019(596)

Marketing and Specialties(86)488(574)

Renewable Fuels(18)5(23)

Corporate and Other(161)(77)(84)

Operating Highlights

NGL Pipeline Throughput - Y-Grade to Market (MBD)3

9301,006(76)

NGL Fractionated (MBD)9801,018(38)

Chemicals Global O&P Capacity Utilization 94%97%(3%)

Refining

Turnaround Expense17813543

Realized Margin ($/BBL)2 10.1112.48(2.37)

Crude Capacity Utilization4 95%99%(4%)

Clean Product Yield 87%88%(1%)

Renewable Fuels Produced (MBD)40328

1 Segment reporting is pre-tax.

2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

4 Beginning October 1, 2025, excludes Los Angeles Refinery and includes 100% of Wood River and Borger refineries. As of January 1, 2026, the Refining segment’s net crude throughput capacity increased by 45 MBD to 1,993 MBD.

First-Quarter 2026 Financial Results

Reported earnings were $207 million for the first quarter of 2026 versus $2.9 billion in the fourth quarter of 2025. First-quarter earnings included pre-tax special item adjustments of $29 million in the Chemicals segment and $(20) million in the Marketing and Specialties segment. Adjusted

psx-20260406

0001534701false00015347012026-04-062026-04-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

April 6, 2026

Date of Report (date of earliest event reported)

Phillips 66

(Exact name of registrant as specified in its charter)

Delaware001-3534945-3779385

(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

2331 CityWest Boulevard

Houston, Texas 77042

(Address of Principal Executive Offices and Zip Code)

(832) 765-3010

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common stock, $0.01 par valuePSXNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 6, 2026, Phillips 66 (the “Company”) issued guidance providing preliminary first-quarter 2026 financial information. The preliminary financial information is based upon the Company’s current estimates and is subject to completion of financial and operating closing procedures as of and for the quarter ended March 31, 2026. A copy of the guidance is furnished as Exhibit 99.1 to this Form 8-K.

The information in this report and the exhibits attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 — Guidance on First-Quarter 2026 Financial Information

104—Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILLIPS 66

By:/s/ Ann M. Kluppel

Ann M. Kluppel

Senior Vice President and Controller

Date: April 6, 2026

2