$PSX
Phillips 66

2022 Q2 Form 10-Q Financial Statement

#000153470122000143 Filed on July 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $48.58B $32.60B $27.00B
YoY Change 79.9% 98.7% 147.43%
Cost Of Revenue $42.65B $29.29B $25.22B
YoY Change 69.11% 93.33% 162.47%
Gross Profit $5.932B $3.314B $1.784B
YoY Change 232.51% 163.22% 36.7%
Gross Profit Margin 12.21% 10.16% 6.61%
Selling, General & Admin $488.0M $546.0M $433.0M
YoY Change 12.7% 5.2% 5.87%
% of Gross Profit 8.23% 16.48% 24.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $359.0M $155.0M $364.0M
YoY Change -1.37% -56.7% 6.12%
% of Gross Profit 6.05% 4.68% 20.4%
Operating Expenses $488.0M $2.502B $433.0M
YoY Change 12.7% 21.34% 5.87%
Operating Profit $5.444B $812.0M $1.351B
YoY Change 302.96% -201.12% 50.78%
Interest Expense $1.003B $801.0M $696.0M
YoY Change 44.11% 347.49% 1640.0%
% of Operating Profit 18.42% 98.65% 51.52%
Other Income/Expense, Net -$185.0M $9.000M $51.00M
YoY Change -462.75% -50.0% 82.14%
Pretax Income $4.106B $1.627B $436.0M
YoY Change 841.74% -335.46% -197.98%
Income Tax $924.0M $256.0M $62.00M
% Of Pretax Income 22.5% 15.73% 14.22%
Net Earnings $3.167B $1.273B $296.0M
YoY Change 969.93% -336.18% -309.93%
Net Earnings / Revenue 6.52% 3.9% 1.1%
Basic Earnings Per Share $6.55 $0.66
Diluted Earnings Per Share $6.53 $2.889M $0.66
COMMON SHARES
Basic Shares Outstanding 483.1M shares 439.9M shares
Diluted Shares Outstanding 485.0M shares 440.4M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.809B $3.147B $2.207B
YoY Change 27.28% 25.18% 16.77%
Cash & Equivalents $2.809B $3.147B $2.207B
Short-Term Investments
Other Short-Term Assets $1.710B $686.0M $759.0M
YoY Change 125.3% 97.69% 22.22%
Inventory $4.580B $3.394B $4.752B
Prepaid Expenses
Receivables $13.39B $7.470B $8.062B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.49B $14.70B $15.78B
YoY Change 42.53% 10.7% 26.25%
LONG-TERM ASSETS
Property, Plant & Equipment $22.23B $23.49B $23.69B
YoY Change -6.16% -0.97% -2.45%
Goodwill $1.486B $1.484B $1.425B
YoY Change 4.28% 4.14% 0.0%
Intangibles $812.0M $813.0M $825.0M
YoY Change -1.58% -3.56% -5.61%
Long-Term Investments $14.18B $12.83B $13.52B
YoY Change 4.85% -1.57% -0.79%
Other Assets $1.617B $1.694B $1.739B
YoY Change -7.02% -7.78% -3.92%
Total Long-Term Assets $40.32B $40.90B $41.20B
YoY Change -2.13% -1.32% -1.96%
TOTAL ASSETS
Total Short-Term Assets $22.49B $14.70B $15.78B
Total Long-Term Assets $40.32B $40.90B $41.20B
Total Assets $62.81B $55.59B $56.98B
YoY Change 10.24% 1.6% 4.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.51B $7.629B $8.066B
YoY Change 55.13% 47.53% 64.55%
Accrued Expenses $3.430B $2.851B $3.117B
YoY Change 10.04% -4.39% 8.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $526.0M $1.489B $2.489B
YoY Change -78.87% 50.86% 39.6%
Total Short-Term Liabilities $17.61B $12.80B $14.55B
YoY Change 21.01% 34.49% 45.18%
LONG-TERM LIABILITIES
Long-Term Debt $12.44B $12.96B $12.92B
YoY Change -3.72% -13.06% 2.06%
Other Long-Term Liabilities $2.744B $2.722B $3.021B
YoY Change -9.17% -13.04% -1.47%
Total Long-Term Liabilities $15.19B $15.68B $15.95B
YoY Change -4.75% -13.06% 1.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.61B $12.80B $14.55B
Total Long-Term Liabilities $15.19B $15.68B $15.95B
Total Liabilities $38.24B $33.96B $36.38B
YoY Change 5.12% 2.29% 16.5%
SHAREHOLDERS EQUITY
Retained Earnings $19.09B $16.22B $15.35B
YoY Change 24.39% -1.72% -17.64%
Common Stock $19.72B $20.51B $20.47B
YoY Change -3.64% 0.6% 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.80B $17.12B $17.12B
YoY Change -19.36% 0.0% 0.0%
Treasury Stock Shares 170.6M shares 211.8M shares 211.8M shares
Shareholders Equity $24.28B $19.17B $18.15B
YoY Change
Total Liabilities & Shareholders Equity $62.81B $55.59B $56.98B
YoY Change 10.24% 1.6% 4.51%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $3.167B $1.273B $296.0M
YoY Change 969.93% -336.18% -309.93%
Depreciation, Depletion And Amortization $359.0M $155.0M $364.0M
YoY Change -1.37% -56.7% 6.12%
Cash From Operating Activities $1.783B $1.800B $1.743B
YoY Change 2.29% 181.69% 128.14%
INVESTING ACTIVITIES
Capital Expenditures -$376.0M -$597.0M -$380.0M
YoY Change -1.05% 17.98% -59.53%
Acquisitions
YoY Change
Other Investing Activities $85.00M $40.00M $28.00M
YoY Change 203.57% -671.43% -113.46%
Cash From Investing Activities -$291.0M -$557.0M -$352.0M
YoY Change -17.33% 8.58% -69.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.977B -978.0M -542.0M
YoY Change 264.76% -212.16% -151.77%
NET CHANGE
Cash From Operating Activities 1.783B 1.800B 1.743B
Cash From Investing Activities -291.0M -557.0M -352.0M
Cash From Financing Activities -1.977B -978.0M -542.0M
Net Change In Cash -485.0M 265.0M 849.0M
YoY Change -157.13% -73.45% 27.86%
FREE CASH FLOW
Cash From Operating Activities $1.783B $1.800B $1.743B
Capital Expenditures -$376.0M -$597.0M -$380.0M
Free Cash Flow $2.159B $2.397B $2.123B
YoY Change 1.7% 109.34% 24.66%

Facts In Submission

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Phillips 66
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Interim Financial Information<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">The unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of the consolidated financial position of Phillips 66 and its results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2021 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results expected for the full year. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">On March 9, 2022, we completed the merger between us and Phillips 66 Partners LP (Phillips 66 Partners). See Note 18—Phillips 66 Partners LP, for additional information on the merger transaction.</span></div>
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