MOSCOW (MRC) -- Phillips 66, a diversified energy company, announces third-quarter 2022 earnings of USD5.4 billion, compared with earnings of USD3.2 billion in the second quarter of 2022.
Excluding special items of USD2.3 billion, the company had adjusted earnings of USD3.1 billion in the third quarter, compared with second-quarter adjusted earnings of USD3.3 billion.
“Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture,” said Mark Lashier, President and CEO of Phillips 66. “Our focus remains on operating safely and reliably producing critical energy products.
“In Midstream, we increased our economic interest in DCP Midstream to capture the value of a fully integrated NGL business from wellhead to market. Our Sweeny Frac 4 started up on time and under budget. With this latest expansion, we are now processing over 550,000 barrels per day of natural gas liquids at our Sweeny Hub.
“We demonstrated our commitment to shareholder distributions, returning USD1.2 billion through share repurchases and dividends during the quarter. We look forward to providing an update on our strategic initiatives and how we will continue to deliver shareholder value at our upcoming investor day.”
We remind, Phillips 66 and FreeWire unveiled plans earlier this year to deploy FreeWire’s ultrafast, battery-integrated technology to meet the growing demand from EV drivers for high-speed, on-the-go charging. Phillips 66 will leverage its network of approximately 7,000 Phillips 66, Conoco and 76 branded U.S. sites and other strategic locations. The chargers are the first commissioned FreeWire chargers in Texas.