The Rodeo Renewed project has progressed with the facility now processing only renewable feedstocks and having 30,000 barrels per day of renewable fuels production capacity. The company is on track to increase production capacity to 50,000 barrels per day by the end of Q2 2024.

During the first three months of 2024, the company repurchased 8 million shares at an aggregate cost of approximately $1.2 billion. Since July 2012, the company has repurchased 222 million shares at an aggregate cost of $19.2 billion.

Capital spending for the Refining segment during the first three months of 2024 was primarily for projects to produce renewable fuels, enhance the yield of higher-value products, and sustain the reliability and safety of facilities.

The company actively manages the operations of its refineries, and any variability in their operations typically has not been as significant to cash flows as that caused by margins and prices.

In April 2022, the company began a multi-year business transformation focused on enterprise-wide opportunities to improve its cost structure.

The company is working to continuously improve operational and energy efficiency through resource and energy conservation efforts throughout its operations.

The company's short- and long-term operating cash flows are highly dependent upon refining and marketing margins, NGL prices and chemicals margins. Prices and margins in the industry are typically volatile, and are driven by market conditions over which the company has little or no control.

If the pipeline is required to cease operations, it may have a material adverse effect on the company's results of operations and cash flows. Should operations cease and Dakota Access and ETCO not have sufficient funds to pay its expenses, the company also could be required to support its 25% share of the ongoing expenses.

The company is subject to numerous international, federal, state and local environmental laws and regulations. Environmental costs and liabilities are inherent concerns in certain of the company's operations and products, and there can be no assurance that those costs and liabilities will not be material.

The composite 3:2:1 market crack spread for the company's business decreased to an average of $19.45 per barrel during the first quarter of 2024, from an average of $30.59 per barrel during the first quarter of 2023.

During the first quarter of 2024, NGL and natural gas prices decreased, compared with the first quarter of 2023, as the result of increased production and limited growth in export infrastructure.

The benchmark high-density polyethylene chain margin slightly decreased in the first quarter of 2024, compared with the first quarter of 2023, mainly due to lower polyethylene sales prices as a result of industry oversupply driven by recent capacity additions.

The company's worldwide refining crude oil capacity utilization rate was 92% in the first quarter of 2024, compared with 90% in the first quarter of 2023.

The company implements energy efficiency initiatives to reduce GHG emissions. The company is working to continuously improve operational and energy efficiency through resource and energy conservation efforts throughout its operations.

Corporate overhead and other costs decreased $14 million in the first quarter of 2024 primarily due to a decrease in consulting fees associated with the business transformation.

The Rodeo Renewable Energy Complex is expanding commercial scale production of renewable diesel and positioning Phillips 66 as a leader in renewable fuels production.

The company's Corporate and Other segment includes its investment in research of new technologies.

The company is working to meet its sustainability goals, including developing and protecting new technologies.

The company repurchased 8 million shares of its common stock at an aggregate cost of approximately $1.2 billion during the first three months of 2024.

The company paid dividends on its common stock of $448 million during the first three months of 2024.

The company funded capital expenditures and investments of $628 million during the first three months of 2024.

The company announced a target to reduce its Scope 1 and Scope 2 GHG emissions intensity related to its operations by 50% of 2019 levels by the year 2050.

The company is working to meet its sustainability goals, including commercializing lower-carbon opportunities.

The company considers and takes into account anticipated future GHG emissions in designing and developing major facilities and projects, and implements energy efficiency initiatives to reduce GHG emissions.

The company's short- and long-term operating cash flows are highly dependent upon refining and marketing margins, NGL prices and chemicals margins. Prices and margins in the industry are typically volatile, and are driven by market conditions over which the company has little or no control.

The company is subject to changes in governmental policies relating to NGL, crude oil, natural gas or refined petroleum products pricing, regulation or taxation, including exports.

The company is exposed to international monetary conditions and exchange controls.