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In a press release issued November 1, Phillips 66 is reporting that their third-quarter financial results are significantly higher than last quarter with reported earnings of $5.4 billion versus $3.2 billion in the second quarter. Adjusted earnings, however, were down from $3.3 billion in second quarter to $3.1 billion in the third quarter of 2022.

According to Mark Lashier, President & CEO of Phillips 66, “Third-quarter results reflect a continued favorable market environment as well as a strong operating performance and improved market capture. Our focus remains on operating safely and reliably producing critical energy products.”

The press release goes on to state that the Sweeny Frac 4 start-up was completed on time and under budget and it is now processing over 550,000 barrels per day of natural gas liquids at the Sweeny Hub.

Phillips 66 will hold an investor day in New York on November 9 to fully disclose all of its earnings across each of its holdings as well as to update investors on how it intends to continue providing shareholder value through its strategic initiatives.

A webcast that discusses the company’s third-quarter performance can be found at phillips66.com on the tab EVENTS & PRESENTATIONS.