Phillips 66 (NYSE: PSX) reported fourth-quarter 2024 earnings of $8 million, or $0.01 per share, impacted by a $230 million pre-tax charge for accelerated depreciation related to the Los Angeles Refinery. Adjusted losses for the quarter were $61 million, or $0.15 per share. The company returned $1.1 billion to shareholders through dividends and share repurchases while achieving record NGL fractionation and LPG export volumes in Midstream and record clean product yield in Refining. For full-year 2024, Phillips 66 posted earnings of $2.1 billion, with adjusted earnings of $2.6 billion, and returned $5.3 billion to shareholders. The company also achieved $1.5 billion in run-rate business transformation savings and captured $500 million in synergies from its DCP integration. Phillips 66 set new financial and operational targets for 2027, prioritizing debt reduction, cost structure improvements, and EBITDA growth while committing to return over 50% of operating cash flow to shareholders.