Key Highlights

  • Phillips 66 (NYSE:PSX) rose 1.97% to about USD 288.75 on October 26, 2026, with a Market Value near USD 115.22 billion, a trailing P/E of 16.44, EPS of USD 17.57 and a 1.77% yield.
  • Second-quarter 2026 adjusted Earnings were USD 3.8 billion, or USD 9.41 a share, and the refining market capture rate was 98%.
  • Phillips 66 (NYSE:PSX) returned USD 887 million in the second quarter, including USD 379 million of buybacks, and says repurchases will increase in the second half of 2026.
  • Third-quarter results are expected on October 28, 2026, before the open, with crude utilization guided to the mid-90% range and capture near 95%.

Why the Date Matters

Brent crude changed hands near USD 114.51 (about USD 114) and West Texas Intermediate near USD 101.04 (about USD 100) on October 26, 2026, and refiners have been among the strongest parts of the energy group. Phillips 66 (NYSE:PSX) is scheduled to report third-quarter results on October 28, 2026, according to a published earnings calendar, which makes it the first large refiner to report this week after Valero's October 22 release showed a refining Margin of USD 39.24 a barrel. Phillips 66 gains from product margins, from a large Midstream and chemicals Business and from renewable fuels, so oil is only one input.

Second-Quarter Detail

Adjusted earnings of USD 3.8 billion, or USD 9.41 a share, reflected higher refining margins, midstream volumes, Marketing margins and renewable fuel credits. Operating Cash Flow before Working Capital was USD 4.3 billion and capital spending was USD 726 million. Net Debt was USD 16.5 billion, which management expects to fall below USD 16 billion by year end. Chairman and CEO Mark Lashier called the tightness more of a Supply shock tied to offline capacity and low inventories than the 2022 episode. He said the market environment is constructive. Midstream fractionation capacity is above 1 million barrels a day at average utilization above 100%, and the Rodeo renewable diesel plant ran at a record 106% utilization. Projects include a Humber low-sulfur gasoline unit starting in 2027 and a Ferndale jet fuel expansion to about 12,000 barrels a day after phase two in 2027.

Risks and What to Watch

Third-quarter guidance points to a capture rate of about 95%, below the 98% of the second quarter, with turnaround expense of USD 100 million to 120 million and corporate costs of USD 325 million to 350 million. Chemicals margins of USD 0.14 to 0.15 a pound sit below mid-cycle, and renewable fuels face possible changes to Credit rules for foreign feedstocks after 2027. A Middle East settlement could narrow product spreads. Management also flagged a Western Gateway pipeline Investment decision, and a target of USD 4.5 billion of midstream EBITDA by the end of 2027.

Where Things Stand

Phillips 66 (NYSE:PSX) will show the third-quarter effect of the oil rally on October 28, and the guidance already implies a softer capture rate than the second quarter. The shares have risen with the group, and at 16.44 times trailing earnings they sit between Valero and Exxon on valuation. Investors should watch capture, buyback pace and whether the supply-shock view of refining holds into 2027. The call is a risk event in either direction.