Phillips 66 (PSX) Releases Q2 2025 Results

Drawing significant hedge fund interest, Phillips 66 (NYSE:PSX) secures a spot on our list of the 13 Best Oil Refinery Stocks to Buy Right Now.

A sunset view of an oil and gas refinery located in the San Juan Basin, United States.

Phillips 66 (NYSE:PSX) reported its performance for Q2 2025 on July 25, 2025. The company recorded adjusted EPS of $2.38, above the $1.72 estimate. Its refining utilization rate hit 98%, which is the highest since 2018. Meanwhile, clean product yield reached 86% and market capture hit 99%. Furthermore, the company’s refining cost per barrel was recorded at its lowest level since 2021. The company also performed well in Midstream, generating $1 billion in adjusted EBITDA, thanks to the Coastal Bend acquisition and early startup of the Dos Picos II gas plant.

With its operating cash flow (excluding working capital) reaching $1.9 billion, Phillips 66 (NYSE:PSX) was able to return $906 million to shareholders during the quarter. The company’s efficiency was also bolstered, as indicated by the $100 million reduction in its full-year turnaround expense guidance. Having experienced strong momentum across all segments, the company is well-positioned to achieve its $4.5 billion Midstream EBITDA goal by 2027.

Citing favorable refining sector trends and the company’s strong market positioning, Piper Sandler increased its price target on Phillips 66 (NYSE:PSX) from $144 to $145 on August 4, maintaining a ‘Neutral’ rating.

Phillips 66 (NYSE:PSX) is a global downstream energy company that is focused on refining, midstream, chemicals, marketing, and renewables segments.

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Disclosure: None.