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Phillips 66 announced on Wednesday second-quarter 2023 earnings of $1.7 billion compared with earnings of $2.0 billion in the first quarter. Excluding special items of $69 million, the company had adjusted earnings of $1.8 billion in the second quarter, compared with first-quarter adjusted earnings of $2.0 billion.

“We delivered strong financial results and continued executing on our strategic priorities,” said Mark Lashier, president/CEO of Phillips 66.

“We returned $1.8 billion to shareholders, progressed our business transformation cost reduction initiatives and increased expected synergy capture to more than $400 million in our Midstream business. We demonstrated operational excellence across our portfolio, running above industry-average utilization in Refining and achieving record NGL frac volumes in Midstream. We also completed the acquisition of the DCP Midstream, LP public common units and continue to execute our NGL wellhead-to-market strategy.”

Click HERE for the full release on Phillips 66 results.