Phillips 66 Q1 2024 earnings below estimates, with adjusted EPS at $1.90 vs $2.17, due to lower fuel prices and refining capacity increase.
Phillips 66 (PSX) reported Q1 2024 earnings below analyst estimates, with adjusted EPS at $1.90 vs $2.17. Refining margins dropped due to lower fuel prices and global refining capacity increase. Despite a decline in profits, the company announced a 10% increase in the quarterly dividend to $1.15 per share and plans to achieve $1.4 billion in business transformation cost and sustaining capital savings by year-end 2024.
April 26, 2024
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