Phillips 66 (NYSE:PSX) Q4 2023 Earnings Conference Call January 31, 2024 12:00 PM ET

Company Participants

Jeff Dietert - Vice President, Investor Relations

Mark Lashier - President and CEO

Kevin Mitchell - Chief Financial Officer

Tim Roberts - Midstream and Chemicals

Rich Harbison - Refining

Brian Mandell - Marketing and Commercial

Conference Call Participants

Ryan Todd - Piper Sandler

Manav Gupta - UBS

Doug Leggate - Bank of America

John Royall - JPMorgan

Paul Cheng - Scotiabank

Matthew Blair - Tudor, Pickering, Holt

Jason Gabelman - TD Cowen

Theresa Chen - Barclays

Joe Laetsch - Morgan Stanley

Operator

Hello. And welcome to the Fourth Quarter and Full Year 2023 Philips 66 Earnings Conference Call. My name is Emily, and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Jeff Dietert, Vice President, Investor Relations. Jeff, you may begin.

Jeff Dietert

Thank you. Welcome to Philips 66 fourth quarter earnings 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 can be found on the Investor Relations section of the Philips 66 website along with supplemental financial and operating information.

Slide two 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’ll turn it over to Mark.

Mark Lashier

Thanks, Jeff. Welcome, everyone, to our fourth quarter earnings call. We delivered a strong quarter and a strong year. In 2023, our total shareholder return was 33% and we increased our quarterly dividend by 8%.

Today we’re going to cover a few major items, including the reasons why Philips 66 is an attractive investment opportunity and we’ll highlight the progress we’ve made on our strategic priorities. Next, we’ll discuss our fourth quarter financial results. Then we look forward to your questions.

On slide three, we summarize the attributes that make us a differentiated and attracted value proposition. Our diversified and integrated portfolio delivers strong returns on capital employed and a high payout ratio supported by dividend growth.