Phillips 66 reports third-quarter profit of $14.08 a share, above forecasts

Phillips 66 reported third-quarter earnings of $14.08 a share, which is earnings per share, or profit for each share in the company. That was $2.24 above expectations.

The company made a final investment decision to build the Western Gateway Pipeline system, with a target to start operating in 2029. Chevron Phillips Chemical moved ahead with two polymer projects. The Golden Triangle Polymers project in Orange, Texas, and the Ras Laffan Polymers project in Qatar are both expected to be fully operating in 2027.

The company is expanding its Coastal Bend site. It expects first volumes in the fourth quarter of 2026 and a full ramp-up to 350,000 barrels a day in early 2027. Phillips 66 has also delivered more than $50 million in near-term synergies, which are savings and gains from combining operations, since it bought the remaining 50% interest in WRB Refining LP in October 2025.

On October 13, an outage at a processing unit at Roxana raised questions about near-term refining capacity in the Midwest. This quarter's results and the project milestones point to a company executing on growth and integration, even as a key unit dealt with mechanical issues. The size of the earnings and revenue beat suggests the Roxana disruption did not materially dent profits from refining and marketing in the quarter. The pipeline and polymer commitments also suggest management is pressing ahead with multiyear capacity additions rather than pulling back after a single-asset problem.