Phillips 66 Q2 Earnings Rise on Strong Refining, Midstream Growth

Phillips 66 posted $877 million in second-quarter earnings, driven by strong refining performance and the Coastal Bend midstream acquisition. The company returned $906 million to shareholders and advanced growth plans toward 2027 targets.

(P&GJ) — Phillips 66 reported second-quarter 2025 earnings of $877 million, or $2.15 per share, up from $487 million in the previous quarter. Adjusted earnings totaled $973 million, or $2.38 per share.

Refining operations ran at 98% capacity, the highest utilization since 2018, with an 86% clean product yield, the company said. Midstream results were supported by the completed acquisition of EPIC NGL, now renamed Coastal Bend, which added roughly $1 billion in adjusted EBITDA.

“Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy,” said Chairman and CEO Mark Lashier. “Looking ahead, we are focused on organic Midstream growth as we advance toward our 2027 targets.”

The company generated $845 million in operating cash flow during the quarter, or $1.9 billion excluding working capital, and returned $906 million to shareholders through dividends and share repurchases.

Phillips 66 also announced the sale of a 65% stake in its retail marketing business in Germany and Austria and confirmed plans to cease operations at its Los Angeles refinery by year-end.