DafinchiBut from a net debt standpoint, I think in terms of this sort of $13.5 billion to $14 billion as an appropriate next target that is certainly achievable based on the kind of environment that we're looking at right now.
PSX2026 Q2Energy & Utilities
1mo
Phillips 66 2026 Q2: Financial Performance summary
Financial Performance Summary
- Adjusted earnings by driver: Midstream increased on higher margins and volumes largely from the absence of Winter Storm Fern impacts; Chemicals rose on higher polyethylene margins from higher sales prices.
- Corporate and Other pretax loss decreased primarily due to lower net interest expense and employee-related costs; total debt ended the quarter at $20.6 billion and net debt at $16.5 billion.
- Operating cash flow, excluding working capital, was $4.3 billion; capital spending was $726 million.
- Refining results increased on higher realized margins driven by higher market crack spreads; Marketing and Specialties increased on higher global marketing margins.
- Renewable Fuels increased mainly due to higher regulatory credits from higher renewable fuels production, including about $450 million of favorable mark-to-market impacts across multiple segments.
- Returned $887 million to shareholders in the quarter, including $379 million of share repurchases and $508 million of dividend payments.
- Second quarter reported and adjusted earnings were $3.8 billion, with EPS of $9.55 reported and $9.41 adjusted.