Phillips 66 shares are trading higher after it reported second-quarter FY24 results.

Revenue of $38.911 billion exceeded the consensus of $35.426 billion. Adjusted EPS of $2.31 topped the consensus of $1.98.

Midstream segment adjusted pre-tax income stood at $753 million, versus $613 million in the first quarter of FY24.

The Chemicals segment adjusted pre-tax income stood at $222 million versus $205 million in the prior quarter.

The Refining segment adjusted pre-tax income stood at $302 million versus $313 million in the prior quarter, and the Marketing and Specialties segment adjusted pre-tax income rose to $415 million from $307 million in the prior quarter.

The company reported refining operations with 98% crude utilization, 86% clean product yield and lower costs.

Phillips 66 reported operating cash flow, excluding working capital impacts, of $1.18 billion. 

As of June-end, the company had cash and cash equivalents of $2.4 billion and committed capacity available under its credit facility worth $4.1 billion. 

The company distributed $11.2 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year end.

Phillips 66 achieved $1.3 billion in run-rate cost and capital reductions as of June 30, with a $1.4 billion target for 2024.

Investors can gain exposure to the stock via IShares U.S. Oil & Gas Exploration & Production ETF ( IEO ) and VanEck Oil Refiners ETF ( CRAK ) .

Also Read: Phillips 66 Deploys Asset Base ‘Near Historical Highs’ To Meet Peak Summer Demand: Analyst

Price Action: PSX shares are up 4.9% at $147.29 at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.