Full-Time
Posted on 7/29/2026
Refines crude oil; midstream logistics; petrochemicals
No salary listed
No H1B Sponsorship
Victoria, TX, USA
In Person
Residence within 1 hour of Edna, Texas reporting location.
US Citizenship Required
Bachelor's, Master's, PhD, Associate's, Certification
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Phillips 66 is a diversified energy company that covers refining, midstream logistics, chemicals, and marketing and specialties. It turns crude oil into refined fuels and petrochemicals; its midstream segment transports and stores crude and refined products; the marketing segment sells fuels through a network of branded outlets, and it also invests in renewable fuels. It differentiates itself as an integrated energy player with four main segments plus renewable investments, enabling coordinated sourcing, processing, and distribution along with a long history of safety and environmental stewardship. Its goal is to provide energy solutions and reliable fuels while pursuing efficiency, emissions reductions, and sustainable growth for future energy needs.
Company Size
10,001+
Company Stage
IPO
Headquarters
Houston, Texas
Founded
1917
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Health Savings Account
Phillips 66 net profit rises 339% to $3.8bn in Q2 2026. Phillips 66 attributed its Q2 results to improved margins and operational performance across refining, midstream, chemicals and marketing. Phillips 66 has reported net earnings of $3.8bn for the second quarter of 2026 (Q2 2026), an increase of 339% from $877m in the same period of the previous year. The US-based petroleum refineries company's diluted earnings per share for the quarter ended 30 June 2026 rose by 344% year-over-year (YoY) to $9.55 from $2.15. Phillips 66 reported sales of $51bn in Q2 2026, an increase of 53% from $33.3bn in the corresponding quarter of the previous year. The company's revenue rose by 55% to $52bn from $33.5bn in the prior-year period. Phillips 66 said higher margins and improved operations drove its Q2 results. The company's refining performance was supported by higher margins and improved crack spreads. Midstream business benefitted from stronger margins and volumes. Chemicals results improved on higher polyethylene prices, while Marketing and Specialties saw increased global marketing margins, the company said. Adjusted net earnings for the quarter were $3.8bn, up 289% from $973m in the prior-year period. Adjusted diluted earnings per share rose by 295% to $9.41 from $2.38. Phillips 66's adjusted earnings before interest, taxes, depreciation and amortisation reached $5.9bn, increasing 136% from $2.5bn a year earlier. Cash flow from operations increased to $7.3bn, compared with $845m in Q2 2025. Cash flow from operations excluding working capital was $4.3bn, up from $1.9bn. Capital expenditures and investments amounted to $726m, up 24% from $587m in the prior-year period. Phillips 66 returned $887m to shareholders in the quarter, versus $906m a year earlier, including $379m in share repurchases and $508m in dividends paid. Total debt as of 30 June 2026 was $20.6bn, down from $20.9bn at the end of the same period last year. Net debt decreased to $16.5bn from the Q2 2025 figure of $20.9bn. The company's debt-to-capital ratio improved to 39% from 42%, while the net debt-to-capital ratio decreased to 33% from 41%. Cash and cash equivalents stood at $4.1bn, compared with $1.1bn a year previously. Phillips 66 reported record natural gas liquids fractionation and liquefied petroleum gas export volumes. Refining utilisation for the quarter was 96%, with a clean product yield of 86%, compared with 98% and 86%, respectively, in the prior-year period. During the reported quarter, Phillips 66 achieved full production at its Dos Picos II gas plant in the Permian Basin. The company also announced new projects including the Zeus Gas Plant and Coastal Bend NGL Fractionator. Phillips 66 said that it completed scheduled maintenance at both its Wood River and Humber refineries in Q2 2026. Major chemical joint ventures such as the Golden Triangle Polymers Project in Texas and the Ras Laffan Polymers Project in Qatar remain on schedule for full operations in 2027, the company said. Phillips 66 chairman and CEO Mark Lashier said: "Second quarter results reflect the strength of its operations and value of its integrated portfolio. Offshore Technology remain committed to its strategic priorities and continuous improvement. "Its focus on operating excellence, coupled with its commercial footprint, enables Offshore Technology to reliably supply energy products across the US and to global consumers. Its capital allocation framework is an integral component of the investment opportunity of Phillips 66. "We remain committed to creating value for our stakeholders through disciplined capital investment, dividends, share repurchases and debt reduction." Give your business an edge with its leading industry insights.
Phillips 66 reported second-quarter 2026 earnings of $3.85 billion, or $9.55 per share, compared with $207 million in the first quarter. Adjusted earnings reached $3.79 billion, or $9.41 per share. The improvement was driven by the refining business, where adjusted pre-tax income rose to $3.09 billion from $208 million. Realized refining margins more than doubled to $24.08 per barrel from $10.11. Marketing and Specialties generated $514 million in adjusted pre-tax income, reversing a $141 million loss. Renewable Fuels recorded $544 million in pre-tax income, up from a $41 million loss, as production increased to 53,000 barrels per day. Phillips 66 reduced total debt by $6.6 billion to $20.6 billion. The company returned $887 million to shareholders through dividends and share repurchases.
Phillips 66 profit jumps as refining margins more than double. Phillips 66 reported second-quarter 2026 earnings of $3.85 billion, or $9.55 per diluted share, compared with $207 million, or $0.51 per share, in the previous quarter. Adjusted earnings reached $3.79 billion, or $9.41 per share, up from $200 million in the first quarter. Adjusted EBITDA increased to $5.89 billion from $1.23 billion. The improvement was led by Phillips 66's refining business, where adjusted pre-tax income rose to $3.09 billion from $208 million. Realized refining margins more than doubled sequentially to $24.08 per barrel from $10.11, reflecting wider market crack spreads and favorable mark-to-market effects. Refinery crude capacity utilization increased to 96% from 95%, while clean-product yield slipped by one percentage point to 86%. The company also completed planned turnarounds at its Wood River refinery in Illinois and Humber refinery in the United Kingdom. Marketing and Specialties generated adjusted pre-tax income of $514 million, reversing a $141 million loss in the first quarter. Phillips 66 attributed the turnaround primarily to higher global marketing margins and favorable mark-to-market effects. Renewable Fuels recorded pre-tax income of $544 million, compared with a $41 million loss in the previous quarter. The increase was driven by higher regulatory-credit prices, greater renewable-fuel production and favorable mark-to-market impacts. Production climbed to 53,000 barrels per day from 40,000 barrels per day. Midstream pre-tax income rose to $785 million from $591 million as margins and volumes improved following disruption from Winter Storm Fern in the prior quarter. Phillips 66 reported record natural gas liquids fractionation and liquefied petroleum gas export volumes, with fractionation reaching 1.02 million barrels per day. The company achieved full production at the 220-million-cubic-feet-per-day Dos Picos II gas plant in the Permian Basin. It also announced plans for the 300-million-cubic-feet-per-day Zeus gas plant and a 100,000-barrel-per-day NGL fractionator in Corpus Christi, Texas. Phillips 66 reduced total debt by $6.6 billion during the quarter to $20.6 billion, while net debt fell to $16.5 billion. Its net debt-to-capital ratio declined to 33% from 43%. Operating cash flow totaled $7.26 billion, while cash flow excluding working-capital movements was $4.32 billion. The company returned $887 million to shareholders through $508 million of dividends and $379 million of share repurchases. By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com
Phillips 66 says it's the third-largest buyer of Venezuelan crude as Trump blasts Exxon and Chevron. Aug 05, 2026, 22:55 PM Phillips 66 stated in its earnings call Wednesday that it has become the world's third-largest buyer of Venezuelan crude, doing so through a fleet expansion and Jones Act waivers as President Donald Trump has pressured Exxon and Chevron over increased profits fueled by the Iran war. Key facts. * Phillips 66 marketing chief Brian Mandell said the company's increased purchases of Venezuelan crude is part of a strategy to build a leading position in discounted heavy grades. * The company's surge in Venezuelan purchases has been bolstered by the Trump administration issuing waivers suspending rules around the Jones Act, a law requiring maritime goods transported between American ports to be carried on ships built and operated by Americans, with Phillips 66 receiving around 20% of all exemptions granted. * The White House is expected to extend the waiver this month, according to Reuters, as Trump has targeted Phillips 66 rivals Exxon and Chevron, saying they are "making too much money" as the Iran war has driven up crude oil prices. * Mandell also said Phillips 66's time-charter fleet has grown fourfold in the last two years, supporting about 40% of the company's asset-backed crude and product demand. Tangent. Phillips 66 shares fell 1.7% to $202.39 on Wednesday, its lowest point in three weeks. However, the company's stock has risen 57% since the start of the year, when it traded around $130 per share. Key background. Trump's criticism of Exxon and Chevron comes as both companies have posted massive profits in their respective second quarters, with Chevron reporting $12 billion in quarterly net profit and Exxon reporting $14.5 billion - more than double what it posted in the same quarter last year. "They're going to give some of that back to the public and they better cut the retail price, the consumer price," Trump said. Gas prices in the U.S. jumped to a five-year high in May, and though the average cost for a gallon of gas has fallen to a little over $4, prices are still at levels last recorded before this year in 2022, according to GasBuddy. Phillips 66 has joined in the profits. The company reported $3.8 billion in net income in its latest quarter, an $887 million increase from the same period last year. The benchmark is also the highest quarterly profit Phillips 66 has posted since 2022, when Russia's invasion of Ukraine sent gas prices soaring.
Phillips 66 announced it has become the world's third-largest buyer of Venezuelan crude, according to statements made during its Wednesday earnings call. Marketing chief Brian Mandell said the increased purchases are part of a strategy to secure discounted heavy grades. The company's Venezuelan crude acquisitions have been enabled by Trump administration waivers suspending Jones Act requirements, with Phillips 66 receiving approximately 20% of all exemptions granted. The White House is expected to extend the waiver this month. Phillips 66 reported $3.8 billion in net income for the latest quarter, an $887 million increase year-over-year and its highest quarterly profit since 2022. The announcement comes as President Trump has criticised rivals Exxon and Chevron for excessive profits driven by Iran war-related oil price increases.