PSX

EX-99.1

2 psx-2026930_ex991.htm

EX-99.1

Document

Exhibit 99.1

•Reported third-quarter earnings and adjusted earnings of $5.6 billion or $14.08 per share

•Refining utilization of 98% with record Central Corridor processed inputs of 848 MBD

•Third-quarter record distillate yield of 41%; clean product yield of 86%

•Midstream fractionation volumes of 1 MMBD, wellhead volumes of 4.6 Bcf/D and 105% utilization at the Freeport LPG export dock

•Returned $2.8 billion to shareholders through dividends and share repurchases

•Decreased total debt by $2.0 billion to $18.5 billion; net debt by $3.8 billion to $12.7 billion

HOUSTON, October 28, 2026 – Phillips 66 (NYSE: PSX) announced third-quarter earnings.

“Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our integrated portfolio, commercial capabilities and focus on continuous improvement enable the company to create value for stakeholders.

“The company remains steadfast in its disciplined approach to capital allocation. We target returning more than 50% of net operating cash flow to shareholders and delivering attractive, sustainable dividend growth across commodity cycles. Our recently announced second dividend increase of 2026 reinforces the company’s commitment to prudent long-term returns of capital.”

Business Highlights

•Reached a final investment decision to move forward with the proposed Western Gateway Pipeline system with an expected in-service date in 2029.

•Chevron Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations for both expected in 2027.

•Progressed the Coastal Bend expansion project, with initial volumes expected in the fourth quarter of 2026 and full ramp-up to 350 MBD in early 2027.

•Delivered greater than $50 million of near-term synergies following the acquisition of the remaining 50% interest in WRB Refining LP on October 1, 2025.

Financial Results Summary

(in millions of dollars, except as indicated)

3Q 20262Q 2026

Earnings$5,6163,847

Adjusted Earnings1 5,6193,788

Adjusted EBITDA1 8,0685,891

Earnings Per Share

Earnings Per Share - Diluted14.089.55

Adjusted Earnings Per Share - Diluted1

14.089.41

Cash Flow from Operations7,2817,259

Cash Flow from Operations, Excluding Working Capital1 6,1854,317

Capital Expenditures & Investments680726

Acquisitions, Net of Cash Acquired—113

Proceeds from Asset Dispositions1664

Return of Capital to Shareholders2,777887

Repurchases of Common stock2,273379

Dividends paid on Common stock504508

Cash and Cash Equivalents5,8484,099

Debt18,53020,565

Net Debt1 12,68216,466

Debt-to-Capital Ratio 34%39%

Net Debt-to-Capital Ratio1

26%33%

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

(in millions of dollars, except as indicated)

3Q 20262Q 2026Change

Earnings (Loss)1 $5,6163,8471,769

Midstream702785(83)

Chemicals311404(93)

Refining6,0313,0622,969

Marketing and Specialties245583(338)

Renewable Fuels191544(353)

Corporate and Other(372)(407)35

Income tax expense(1,469)(1,092)(377)

Noncontrolling interests(23)(32)9

Adjusted Earnings (Loss)1,2 $5,6193,7881,831

Midstream702785(83)

Chemicals311404(93)

Refining6,0603,0862,974

Marketing and Specialties245514(269)

Renewable Fuels191544(353)

Corporate and Other(372)(407)35

Income tax expense(1,495)(1,106)(389)

Noncontrolling interests(23)(32)9

Adjusted EBITDA2 $8,0685,8912,177

Midstream9771,046(69)

Chemicals423528(105)

Refining6,2783,3072,971

Marketing and Specialties320580(260)

Renewable Fuels215568(353)

Corporate and Other(145)(138)(7)

Operating Highlights

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

98294339

NGL Fractionated (MBD)1,0031,020(17)

Chemicals Global O&P Capacity Utilization 92%91%1%

Refining

Turnaround Expense79123(44)

Realized Margin ($/BBL)2 38.0024.0813.92

Crude Capacity Utilization98%96%2%

Clean Product Yield 86%86%—%

Renewable Fuels Produced (MBD)4753(6)

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.

Third-Quarter 2026 Financial Results

Reported earnings were $5.6 billion for the third quarter of 2026 versus $3.8 billion in the second quarter of 2026. Third-quarter earnings included a pre-tax special item adjustment of ($29) million in the Refining segment. Adjusted earn

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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