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AI brief of an SEC Form 8-K · Phillips 66 (PSX)

Phillips 66 estimates about $900 million in Q1 2026 pre-tax mark-to-market losses

Negative Impact 4 of 5 guidance Written later

Phillips 66 issued preliminary first-quarter 2026 guidance showing pre-tax losses tied to a sharp rise in commodity prices, which produced about $900 million in mark-to-market losses. The company also drew on credit lines, took a new $2.25 billion 364-day term loan and expanded its receivables securitization facility to $1.75 billion to cover a net outflow of about $3 billion in cash collateral. Results are not final and could change before the quarter closes.

Key points

  • Estimated first-quarter pre-tax mark-to-market losses of about $900 million: Refining $350-450 million, Marketing and Specialties $300-400 million, Renewable Fuels $100-200 million
  • Refining pre-tax loss range of $(400) million to $(200) million and Marketing and Specialties range of $(170) million to $(20) million; Midstream pre-tax income range of $550 million to $600 million
  • As of March 31, 2026, liquidity was about $6 billion, with $5 billion in cash and cash equivalents; total debt about $27 billion and net debt $22 billion, with a target of $17 billion total debt by end of 2027

The filing

CompanyPhillips 66 (PSX)
Form8-K, current report
Filed with the SECApr 6, 2026, 4:15 PM ET
Accession number0001534701-26-000015

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing 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 April 06, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.