Phillips 66 posts $61 million adjusted Q4 loss; reported profit is $8 million
Phillips 66 reported fourth-quarter 2024 earnings of $8 million, or $0.01 per share, and an adjusted loss of $61 million, or $0.15 per share, compared with adjusted earnings of $859 million in the third quarter. The company said results were hit by $230 million in pre-tax accelerated depreciation tied to the Los Angeles Refinery, and full-year 2024 earnings fell to $2.1 billion, or $4.99 per share, from $7.0 billion in 2023.
Key points
- Q4 2024 reported earnings were $8 million ($0.01 per share) versus $346 million in Q3 2024; adjusted loss was $61 million ($0.15 per share).
- Refining adjusted pre-tax loss widened to $759 million, including accelerated depreciation tied to the Los Angeles Refinery.
- Full-year 2024 earnings were $2.1 billion ($4.99 per share) and adjusted earnings were $2.6 billion ($6.15 per share).
- Returned $1.1 billion to shareholders in Q4 through dividends and share repurchases; the company set new targets through 2027, including returning over 50% of operating cash flow to shareholders.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:21 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 31, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.