Phillips 66 Expands Refining Capacity and Strengthens Dividend Outlook Following Q2 Beat

Phillips 66 (NYSE:PSX) is one of the 13 Best Fortune 500 Dividend Stocks to Invest In.

Following solid second quarter results, the company acquires the remaining 50% interest in WRB Refining and announces $2 billion Notes offering.

Phillips 66 Expands Refining Capacity and Strengthens Dividend Outlook Following Q2 Beat

On July 25, 2025, Phillips 66 (NYSE:PSX) reported a strong Q2 2025, with Adjusted EPS of $2.38 and revenues of $33.5 billion, both beating the analyst consensus estimates. The beat was largely owing to its Refining segment, which saw adjusted pre-tax earnings of $392 million, up from $302 million in Q2 of the previous year. The company’s Marketing & Specialties segment also witnessed growth from improved fuel margins.

Later, on September 9, 2025, the company entered an agreement to acquire the remaining 50% interest in WRB Refining from Cenovus Energy for $1.4 billion in cash. With this move, the company anticipates an increase in its refining capacity, adding approximately 250,000 barrels per day. Also, on September 16, 2025, the company announced entering into a Terms Agreement for a public offering of $2 billion in junior subordinated notes. The agreement includes Series A and Series B notes due in 2056.

With these new developments projecting a stable financial position, Phillips 66 (NYSE:PSX) offers a 3.61% dividend yield, returning value to its shareholders.

Phillips 66 (NYSE:PSX), founded in 2012 and headquartered in Texas, is a diversified energy manufacturing and logistics company. The company is a spin-off from ConocoPhillips, and its business operations comprise refining, midstream, chemicals, and marketing and specialties.

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