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Phillips 66 Cuts Debt and Returns Cash After Deal Collapse

Phillips 66 logoPhillips 66
Sig3.44Sen+1.86Env0.00Soc0.00Gov-0.74

Phillips 66 generated $7.25B in operating cash flow, cut total debt by $6.6B to $16.5B net, and returned $887M to shareholders through dividends and buybacks. Marathon Petroleum posted $5.1B in net income and $8.5B EBITDA, but the proposed deal collapsed due to regulatory hurdles; a combined firm would have controlled about 25% of U.S. refining capacity, triggering antitrust scrutiny.

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