- Phillips 66 (NYSE:PSX) is little changed premarket after easily beating Q4 earnings expectations and announcing a $2.3B capex budget for 2018, planning $500M more in spending than in 2017.
- Excluding special items including a $2.7B benefit due to the recent tax law changes, Q4 adjusted earnings totaled $548M compared with Q3 adjusted earnings of $858M.
- PSX says Midstream's Q4 net income was $139M vs. $117M in Q3, Q4 net income in the Chemicals unit totaled $27M vs. $121M in Q3, and Refining's Q4 net income came in at $371M vs. Q3's $550M.
- PSX says Q4 realized margins were $8.98/bbl, compared with $10.49/bbl in Q3 and $6.47/bbl in the year-ago quarter; the company's worldwide crude utilization rate was 100%.
- Phillips 66 Partners (NYSE:PSXP) is proceeding with the construction of a new 25K bbl/day isomerization unit at the Lake Charles Refinery; DCP Midstream’s (NYSE:DCP) expansion of the Sand Hills NGL Pipeline capacity to 365K bbl/day from 280K bbl/day is expected to be complete in Q1.
- Refining peers Valero and Marathon Petroleum (NYSE:MPC) fell in yesterday's trade despite reporting strong Q4 results.
- Now read: Phillips 66: Hold Or Fold?
Original article