Phillips 66 Q2 2026 net income surges 339% to $3.85B on refining margin spike

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 28, 2025 · ~2 min read

Key Changes

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  Net income jumped 339% to $3.85B ($9.55 diluted EPS, +344%) as the composite 3:2:1 crack spread nearly doubled to $9.55/bbl (from $21.65/bbl), driven by low diesel inventories and Middle East supply disruptions.

  MD&A: Earnings and Crack Spreads verify on EDGAR →
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  Propel Fuels judgment finalized at $833M (including $195M exemplary damages and $33.3M pre-judgment interest); accrual increased to $928M as 10% post-judgment interest accrues; appeal filed and opening brief submitted July 2026.

  Legal Proceedings / MD&A: Propel Litigation view on EDGAR →
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  WRB Refining acquisition closed October 2025 for $1.3B, consolidating 100% ownership of Borger and Wood River refineries; worldwide crude capacity increased to 1,993 kbd (from 1,841 kbd), partially offset by Los Angeles Refinery cessation in Q4 2025.

  Notes: Acquisitions / MD&A: Refining Capacity verify on EDGAR →