Phillips 66 (PSX) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the second quarter 2025 Phillips 66 Earnings Conference Call. My name is Emily and I'll be your operator for today's call. At this time, all participants are in the listen-only mode. Later, we will conduct a question and answer session. Please note that this conference is being recorded. I'll now turn the call over to Jeff Detert, Vice President, Investor Relations. Jeff, you may begin. Welcome to Phillips 66 Earnings Conference Call. Participants on today's call will include Mark Lazor, Chairman and CEO, Kevin Mitchell, CFO, Don Baldrige, Midstream and Chemicals, Rich Harbison, Refining, and Brian Mandel, Marketing and Commercial. Today's presentation can be found on the investor relations section of the Phillips 66 website, along with supplemental financial and operating information. Slide two contains our safe harbor statement. We will be making forward-looking statements during today's call. Actual results may differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings. With that, I'll turn the call over to Mark. Thanks, Jeff. Welcome, everyone, to our second quarter earnings call. We had a strong financial and operating results this quarter. They're a reflection of our focused strategy, disciplined execution, and meaningful progress toward achieving our 2027 strategic priorities. Coming off our large spring turnaround program, we said we were positioned to capture a strengthening market, and we delivered. Our refining assets ran at 98% utilization, the highest since 2018. Clean product yield was over 86%. We captured 99% of our market indicator and achieved our lowest adjusted cost per barrel since 2021. Along with refining, the other parts of our integrated business delive...