Phillips 66 (PSX) Q2 2026 Earnings Call Transcript

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DATE

Wednesday, Aug. 5, 2026 astatine 12:00 p.m. ET

CALL PARTICIPANTS

• Vice President, Investor Relations and Chief Economist - Sean Maher

• Chairman and Chief Executive Officer - Mark Lashier

• Chief Financial Officer - Kevin Mitchell

• Midstream and Chemicals - Don Baldridge

• Refining - Rich Harbison

• Marketing, Commercial and Renewable fuels - Brian Mandell

Full Conference Call Transcript

Operator: Welcome to the Second Quarter 2026 Phillips 66 Earnings Conference Call. My sanction is Hillary, and I volition beryllium your relation for today's call. [Operator Instructions] Please enactment that this league is being recorded. I volition present crook the telephone implicit to Sean Maher, Vice President, Investor Relations and Chief Economist. Sean, you whitethorn begin.

Sean Maher: Hello, everyone. Good morning, and convey you for joining Phillips 66 Second Quarter 2026 Earnings Conference Call. Participants connected today's telephone volition see Mark Lashier, Chairman and CEO; Kevin Mitchell, CFO; Don Baldridge, Midstream and Chemicals; Rich Harbison, Refining; and Brian Mandell, Marketing, Commercial and Renewable fuels. Today's presumption tin beryllium recovered connected the Investor Relations conception of the Phillips 66 website, on with supplemental fiscal and operating information. Slide 2 contains our harmless harbor statement. We volition beryllium making forward-looking statements during today's call. Actual results whitethorn disagree materially from today's comments. Factors that could origin existent results to disagree are included present arsenic good arsenic successful our SEC filings. With that, I'll crook the telephone implicit to Mark.

Mark Lashier: Thank you, Sean. This quarter's operating results bespeak the dedication and enactment that our teams person delivered passim the company's translation implicit these past respective years. Our strategy is operating well. Our assets are good positioned and the marketplace situation is constructive. While there's much enactment to do, we judge our organization's earning powerfulness is becoming wide arsenic we proceed to thrust execution and instrumentality superior to shareholders. Safety, reliability and operational excellence stay astatine the halfway of everything we do. We precocious earned manufacture designation for exemplary information show successful Midstream, Refining and Chemicals. Due to our steadfast absorption connected reliability, our integrated businesses are disposable to proviso U.S. and planetary vigor needs.

At Phillips 66, operational excellence is foundational. We stay focused connected disciplined execution and continuous improvement. Our Midstream concern continues to execute connected its maturation program arsenic expected. Over the past 2 years, we've accrued fractionation capableness to implicit 1 cardinal barrels per time and achieved greater than 100% mean frac utilization. During the quarter, we besides achieved grounds LPG export volumes. Our implicit wellhead to marketplace strategy allows america to determination products crossed our integrated worth concatenation and offers customers invaluable optionality and planetary access. In Refining, our deliberate absorption connected operational betterment continues to present results.