Phillips 66 (NYSE:PSX) Q3 2023 Earnings Conference Call October 27, 2023 12:00 PM ET

Company Participants

Jeff Dietert - Vice President, Investor Relations

Mark Lashier - President and Chief Executive Officer

Kevin Mitchell - Chief Financial Officer

Tim Roberts - Executive Vice President, Midstream and Chemicals

Rich Harbison - Executive Vice President, Refining

Brian Mandell - Executive Vice President, Marketing and Commercial

Conference Call Participants

Neil Mehta - Goldman Sachs

Roger Read - Wells Fargo Securities

Manav Gupta - UBS

Doug Leggate - Bank of America

Ryan Todd - Piper Sandler

Paul Cheng - Scotiabank

John Royall - JPMorgan

Jason Gabelman - Cowen and Company

Matthew Blair - Tudor, Pickering, Holt

Joe Laetsch - Morgan Stanley

Operator

Welcome to the Third Quarter 2023 Phillips 66 Earnings Conference Call. My name is Carla and I will be your operator for today’s call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Jeff Dietert, Vice President of Investor Relations. Jeff, you may begin.

Jeff Dietert

Good morning and welcome to Phillips 66 third quarter earnings conference call. Participants on today’s call will include Mark Lashier, President and CEO; Kevin Mitchell, CFO; Tim Roberts, Midstream and Chemicals; Rich Harbison, Refining; and Brian Mandell, Marketing and Commercial. Today’s presentation material can be found on the Investor Relations section of the Phillips 66 website, along with supplemental financial and operating information.

Slide 2 contains our Safe Harbor statement. We will be making forward-looking statements during today’s call. Actual results may differ materially from today’s comments. Factors that could cause actual results to differ are included here as well as in our SEC filings.

With that, I will turn the call over to Mark.

Mark Lashier

Thanks, Jeff. Good morning and thank you for joining us today. We are pleased to report another quarter of strong financial and operating results and we continue to execute on our strategic priorities to increase shareholder value. Our achievements to-date have enabled us to make significant progress toward the commitments we made to shareholders a year ago at Investor Day. We are confident in our ability to exceed these commitments and we will provide an update today.

Slide 4 shows the evolution of our portfolio. We are much more than a refining company. We are differentiated by an integrated and diversified Midstream, Chemicals, Refining, Marketing and Specialties portfolio that generates free cash flow through the economic cycles. Our global commercial supply and trading organization leverages our assets to generate incremental value. We continue to execute our strategy to increase more stable cash flows in Midstream. We see more growth opportunities as U.S. natural gas and natural gas liquids production is expected to outpace crude oil. The demand fundamentals are strong as NGLs and petrochemical feedstocks remain the fastest growing segment of liquids demand.