Phillips 66 Cashes in on Refining Boom Sparked by Middle East Supply Disruptions
Phillips 66 beats Q2 expectations, reduces debt by $6.6B, and approves a $10B stock buyback expansion amid robust midstream growth.
Phillips 66 made more money than people expected because there's high demand for refined oil right now, so the company paid down debt and plans to give more money back to shareholders. When a company beats expectations and has strong cash flow, it often signals the business is doing really well—something to notice when watching this stock.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
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