Phillips 66 Provides Preliminary First-Quarter 2026 Financial Guidance

Phillips 66 issued preliminary first-quarter 2026 financial guidance on April 6, 2026. The company estimates approximately $900 million in pre-tax mark-to-market losses due to a sharp increase in commodity prices, impacting refining, marketing, specialties, and renewable fuels segments. The refining segment also experienced unfavorable impacts from pricing lags, while the midstream segment was affected by producer downtime and accelerated depreciation. The chemicals segment saw reduced operations in Middle East joint ventures, and marketing and specialties margins were squeezed by rising spot prices. To manage liquidity impacts from commodity price volatility, the company drew on credit lines, issued a new term loan, and increased its accounts receivable securitization facility. As of March 31, 2026, Phillips 66 reported approximately $6 billion in liquidity, $27 billion in total debt, and $22 billion in net debt, with a target to reduce total debt to $17 billion by the end of 2027. The guidance is based on preliminary estimates and is subject to completion of financial closing procedures.