Phillips 66 reported Q3 adjusted EPS of $14.08, far above the $12.08 consensus, with adjusted earnings of $5.6 billion. Refining utilization hit 98% with record Central Corridor inputs of 848 MBD and record distillate yield of 41%. The company returned $2.8 billion to shareholders, cut net debt by $3.8 billion to $12.7 billion, and reached FID on the Western Gateway Pipeline. Coastal Bend expansion is on track for full ramp-up to 350 MBD in early 2027.
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