Sector: Energy|Industry: Oil & Gas Refining & Marketing|Market Cap: $46.20B|Employees: 14K
Phillips 66 is a diversified and integrated downstream energy company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties. The company's core business involves transporting, processing, and marketing crude oil, refined petroleum products, natural gas, and petrochemicals, primarily in the United States and Europe. Phillips 66 also has a 16% investment in NOVONIX, a company that develops technology and supplies materials for lithium-ion batteries.
Net income attributable to Phillips 66 decreased to $346 million for the three months ended September 30, 2024, compared to $2,097 million for the same period in 2023, and decreased to $2,109 million for the nine months ended September 30, 2024, compared to $5,755 million for the same period in 2023. This was primarily due to lower refining margins and a litigation accrual.
Total revenues and other income decreased to $36,163 million for the three months ended September 30, 2024, compared to $40,322 million for the same period in 2023, and increased to $111,510 million for the nine months ended September 30, 2024, compared to $111,151 million for the same period in 2023. The decrease in the three month period was mainly due to lower prices for crude oil, NGL, natural gas and refined petroleum products.
Selling, general and administrative expenses increased to $1,194 million for the three months ended September 30, 2024, compared to $669 million for the same period in 2023, and increased to $2,303 million for the nine months ended September 30, 2024, compared to $1,867 million for the same period in 2023. This increase was primarily due to a litigation accrual.