Bartlesville Radio: The area’s best source for news, weather and sports!

Phillips 66 released its financial report for the Second Quarter of 2022. The news is good for both the company and its shareholders.

Reported earnings are $3.2 billion or $6.53 per share with adjusted earnings of $3.3 billion or $6.77 per share. In addition, $1.8 billion was generated for operating cash flow and $1.5 billion was repaid in debt. Shareholders received $533 million in dividends or share repurchases.

Mark Lashier, President of Phillips 66, said the earnings reflect “a strong market that has been driven by a tight global produce supply and demand balance.”

He stated that Phillips 66 will continue to focus on providing “critical energy supplies, including transportation fuels, meeting peak summer demand, and provided advanced strategic capital projects to help meet the growing demand for renewable fuels and NGLS.”