Phillips 66 reported second-quarter earnings of $3.847 billion, or $9.55 per share, up from $207 million, or $0.51 per share, in the first quarter. Adjusted earnings rose to $3.788 billion from $200 million.
Cash flow from operations swung to $7.259 billion from a use of $2.264 billion in the prior quarter. Cash flow from operations excluding working capital improved to $4.317 billion from $699 million. Capital expenditures and investments increased to $726 million from $582 million, while acquisitions, net of cash acquired, were $113 million compared with $66 million.
The company reduced total debt by $6.559 billion to $20.565 billion from $27.124 billion. Net debt fell to $16.466 billion from $21.974 billion. The debt-to-capital ratio improved to 39% from 48%, and the net debt-to-capital ratio improved to 33% from 43%. Cash and cash equivalents declined to $4.099 billion from $5.150 billion.
By segment, refining posted the largest earnings gain, rising to $3.062 billion from $208 million. Midstream earnings increased to $785 million from $591 million. Chemicals earnings climbed to $404 million from $114 million. Marketing and specialties rebounded to $583 million from a loss of $161 million. Renewable fuels improved to a $54 million profit from a $41 million loss. Corporate and other narrowed its loss to $407 million from $451 million.
Adjusted segment results showed the same pattern. Refining adjusted earnings increased to $3.086 billion from $208 million. Midstream rose to $785 million from $591 million. Chemicals increased to $404 million from $85 million. Marketing and specialties improved to $514 million from a loss of $141 million. Renewable fuels rose to $54 million from a loss of $41 million. Corporate and other improved to a loss of $407 million from $451 million.
Adjusted EBITDA jumped to $5.891 billion from $1.230 billion.
Operationally, NGL fractionated volumes increased to 1.020 million barrels per day from 980,000, while NGL pipeline throughput to market rose to 394,000 barrels per day from 393,000. Refining crude capacity utilization improved to 96% from 95%, and realized margin increased to $22.04 per barrel from $10.11. Clean product yield slipped to 86% from 87%. Chemicals global olefins and polyolefins capacity utilization fell to 91% from 94%. Renewable fuels production rose to 53,000 barrels per day from 40,000. The market has reacted to these announcements by moving the company's shares -0.66% to a price of $204.5335. For the full picture, make sure to review Phillips 66's 8-K report.
