Phillips 66 (NYSE:PSX) Q2 2024 Earnings Conference Call July 30, 2024 12:00 PM ET

Company Participants

Jeff Dietert - VP, IR
Mark Lashier - Chairman and CEO
Kevin Mitchell - CFO
Rich Harbison - Refining
Brian Mandell - Marketing and Commercial
Don Baldridge - Midstream and Chemicals

Conference Call Participants

Roger Read - Wells Fargo
Neil Mehta - Goldman Sachs
John Royall - JPMorgan
Ryan Todd - Piper Sandler
Matthew Blair - Tudor, Pickering, Holt
Jason Gabelman - TD Cowen
Doug Leggate - Wolfe Research
Paul Cheng - Scotiabank
Theresa Chen - Barclays
Joe Laetsch - Morgan Stanley

Operator

Welcome to the Second Quarter 2024 Phillips 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

Welcome to the Phillips 66 second quarter earnings conference call. Participants on today's call will include Mark Lashier, Chairman and CEO; Kevin Mitchell, CFO; Don Baldridge, 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 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'll turn the call over to Mark.

Mark Lashier

Thanks, Jeff. Welcome, everyone, to our second quarter earnings call.

First, I'd like to introduce Don Baldridge, our new EVP of Midstream and Chemicals. He previously served as the Interim CEO of DCP and brings a wealth of Midstream experience to Phillips 66. I also want to wish Tim Roberts the best in his retirement and thank him for his contributions to Phillips 66, including being instrumental in executing our NGL wellhead-to-market strategy.

Let's turn to our second quarter performance. We continue to systematically execute on our strategic priorities, focusing on what we control. The improvements are visible in our results. Since July 2022, we've returned over $11 billion to shareholders through share repurchases and dividends. We expect to achieve our $13 billion to $15 billion target by the end of the year. Share repurchases will continue to be a priority in our capital allocation plan. We are committed to returning over 50% of our operating cash flows to shareholders.