Phillips 66 reported first-quarter earnings of $487 million, or $1.18 per share.

On an adjusted basis, the company posted a loss of $368 million, or $0.90 per share, primarily reflecting $246 million of pre-tax accelerated depreciation tied to the Los Angeles Refinery. During the quarter, Phillips 66 returned $716 million to shareholders through dividends and share repurchases.

The company also received $2.0 billion in cash proceeds from the previously announced sales of its non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC. Additionally, Phillips 66 sanctioned the construction of a new gas processing plant in the Permian Basin and recently closed on its acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade LP.