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16:00
Aug 05 ◎

PSX FY2026 Q2 Watch

Phillips 66 (PSX) FY2026 Q2 Earnings Call

DCP PSX VLO MPC XOM ▾

Mark Lashier

The roll-up of DCP is cited as foundational to Phillips 66's integrated value chain strategy, indicating integration benefits are being realized.

"to roll up DCP and create a well-head-to-market presence"

DCP WATCH

Mark Lashier

Management is bullish on refining margins due to structural supply shortages, potentially lasting beyond current quarter, and emphasizes strong positioning and operational improvements.

"we see it taking a lot longer for that situation to normalize than what we saw in 2022"

PSX WATCH

Brian Mandell

Global refining capacity is offline (7 million b/d in Asia/Mideast, 1.4 million b/d in Russia) and expected to take a long time to restart, tightening product supply. — Supports sustained high crack spreads for refiners with operational flexibility.

"We have 7 million barrels a day of refineries down in Asia and the Mideast and another 1.4 million barrels down in Russia"

VLO WATCH MPC WATCH

Brian Mandell

White House Jones Act waivers are being granted to Phillips 66 (about 20%), allowing them to substitute cheaper foreign crude with WTI-based crude, especially at Bayway. — Improves logistics efficiency and feedstock costs for PSX, potentially widening margins relative to peers.

"we've been granted about 20% of the Jones Act waivers issued since the current waiver took effect in March"

XOM WATCH

Mark Lashier

China's loss of access to deeply discounted crude (Iranian, Venezuelan, Russian) is raising their cost basis, leading to higher floor for chemicals and potentially less product exports. — Could reduce oversupply in petrochemicals and support higher margins.

"China's coming off of a materially lower crude pricing basis than the rest of the world because they were buying huge quantities of deeply discounted Venezuelan crude, Iranian crude, Russian crude...That's gone now."

LYB WATCH

Brian Mandell

A wide WTI-WCS differential is a significant earnings driver; every $1 widening is worth $140 million in annual EBITDA to Phillips 66. — Canadian producers may see wider differentials, impacting their netbacks and potentially prompting production cuts.

"every dollar the WTI WCS spread widens is an incremental $140 million impact to our annual EBITDA"

SU WATCH CNQ WATCH

HIGH

16:00
Apr 29 ◎

PSX FY2026 Q1 Watch

Phillips 66 (PSX) FY2026 Q1 Earnings Call

PSX ▾

Mark Lazor

Management is very bullish on the current and forward outlook, citing a tight global market, strong refining margins, and a constructive petrochemical environment.

"The current environment is attractive across all our businesses. We've prepared by focusing relentlessly on what we control, cost, culture, competitiveness, and capital with discipline"

PSX WATCH

HIGH

17:00
Feb 04 ◎

PSX FY2025 Q4 Watch

Phillips 66 (PSX) FY2025 Q4 Earnings Call

PSX ▾

Mark Lazor

Management's tone is clearly bullish, citing success of four-year operational improvements, portfolio high-grading, and flexible midstream/refining integration as drivers of continued growth and margin resilience.

"In 2025, you've seen a positive inflection point in our results. And the best is yet to come."

PSX WATCH

HIGH

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