Phillips 66 (NYSE:PSX) Q3 2024 Earnings Conference Call October 29, 2024 12:00 PM ET
Company Participants
Jeff Dietert - VP, IR
Mark Lashier - Chairman & CEO
Kevin Mitchell - CFO
Don Baldridge - EVP, Midstream and Chemicals
Rich Harbison - EVP, Refining
Brian Mandell, - EVP, Marketing and Commercial
Conference Call Participants
John Royall - JPMorgan
Roger Read - Wells Fargo
Neil Mehta - Goldman Sachs
Ryan Todd - Piper Sandler
Manav Gupta - UBS
Matthew Blair - Tudor, Pickering, Holt
Jason Gabelman - TD Cowen
Doug Leggate - Wolfe Research
Theresa Chen - Barclays
Paul Cheng - Scotiabank
Jean Ann Salisbury - Bank of America
Joe Laetsch - Morgan Stanley
Operator
Welcome to the Third 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 Phillips 66 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 third quarter earnings call.
The strength of our results in a challenging refining market demonstrates the benefits of our differentiated downstream portfolio. During the quarter, we continued to execute on our strategic priorities and delivered strong operating performance.
Since July 2022, we have returned $12.5 billion to shareholders through share repurchases and dividends. We're approaching our $13 billion to $15 billion target.
In refining, we've reduced our cost by $1 per barrel and we continue to run our system well. The improvement in clean product yield reflects our investments in high return low capital projects.
We continue to evaluate all of our assets as part of our strategic priorities and ongoing portfolio optimization. We recently agreed to sell our 49% interest in a Switzerland-based retail joint venture for approximately $1.24 billion. Our asset dispositions are now expected to exceed the $3 billion target. We plan to use the cash proceeds to support our strategic priorities including returns to shareholders and debt reduction.