Phillips 66 10-Q for FY2026 Q3

Phillips 66 (PSX)

10-Q 2026-10-28 For: 2026-09-30

Added on October 28, 2026

About this 10-Q

Phillips 66 filed this 10-Q on October 28, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Phillips 66 reported third quarter of 2026 earnings of $5.6 billion, driven by higher realized refining margins, and declared a $1.33 quarterly dividend. It also made a final investment decision for the proposed Western Gateway Pipeline, in which it owns 49.9%. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $50.54B; up 46.4% from $34.52B a year earlier
Net income: $5.62B; up 4122.6% from net income of $133M a year earlier
Diluted EPS: $14.08; up 4300.0% from $0.32 a year earlier

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Delaware						45-3779385
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


			Page
Part I – Financial Information

Item 1. Financial Statements
Consolidated Statement of Income			1
Consolidated Statement of Comprehensive Income			2
Consolidated Balance Sheet			3
Consolidated Statement of Cash Flows			4
Consolidated Statement of Changes in Equity			6
Notes to Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			39

Item 3. Quantitative and Qualitative Disclosures About Market Risk			72

Item 4. Controls and Procedures			72

Part II – Other Information

Item 1. Legal Proceedings			73

Item 1A. Risk Factors			74

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			74

Item 5. Other Information			74

Item 6. Exhibits			75

Signatures			76


	Millions of Dollars
	Three Months Ended September 30			Nine Months Ended September 30
	2026		2025		2026	2025
Revenues and Other Income
Sales and other operating revenues	$	50,540	34,515		134,084	98,268
Equity in earnings of affiliates	561		337		1,448	643
Net gain on dispositions	1		11		124	1,005
Other income	404		116		896	311
Total Revenues and Other Income	51,506		34,979		136,552	100,227

Costs and Expenses
Purchased crude oil and products	40,814		30,219		113,694	86,956
Operating expenses	1,867		1,492		5,558	4,554
Selling, general and administrative expenses	625		792		1,700	1,893
Depreciation and amortization	591		826		1,734	2,433
Impairments	32		951		49	981
Taxes other than income taxes	201		221		562	672
Accretion on discounted liabilities	14		12		39	34
Interest and debt expense	243		259		843	744
Foreign currency transaction (gains) losses	11		8		34	(7)
Total Costs and Expenses	44,398		34,780		124,213	98,260
Income before income taxes	7,108		199		12,339	1,967
Income tax expense	1,469		32		2,602	366
Net Income	5,639		167		9,737	1,601
Less: net income attributable to noncontrolling interests	23		34		67	104
Net Income Attributable to Phillips 66	$	5,616	133		9,670	1,497

Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	$	14.14	0.32		24.16	3.67
Diluted	14.08		0.32		24.05	3.66



Weighted-Average Common Shares Outstanding (thousands)
Basic	397,011		404,508		399,983	406,801
Diluted	398,953		405,549		402,119	407,885
See Notes to Consolidated Financial Statements.


	Millions of Dollars
	Three Months Ended September 30			Nine Months Ended September 30
	2026		2025		2026	2025

Net Income	$	5,639	167		9,737	1,601
Other comprehensive income (loss)
Defined benefit plans
Net actuarial loss arising during period	(18)		—		(18)	—
Amortization of net actuarial loss and settlements	8		6		14	15
Plans sponsored by equity affiliates	2		1		5	4
Income taxes on defined benefit plans	(1)		(1)		(3)	(4)
Defined benefit plans, net of income taxes	(9)		6		(2)	15
Foreign currency translation adjustments	11		(49)		(86)	237
Income taxes on foreign currency translation adjustments	—		(2)		1	(8)
Foreign currency translation adjustments, net of income taxes	11		(51)		(85)	229




Other Comprehensive Income (Loss), Net of Income Taxes	2		(45)		(87)	244
Comprehensive Income	5,641		122		9,650	1,845
Less: comprehensive income attributable to noncontrolling interests	23		34		67	104
Comprehensive Income Attributable to Phillips 66	$	5,618	88		9,583	1,741


	Millions of Dollars
	September 30 2026		December 31 2025
Assets
Cash and cash equivalents	$	5,848	1,116
Accounts and notes receivable (net of allowances of $72 million in 2026 and $68 million in 2025)	12,477		9,158
Accounts and notes receivable—related parties	754		613
Inventories	6,248		5,097
Prepaid expenses and other current assets	2,594		1,287

Total Current Assets	27,921		17,271
Investments and long-term receivables	12,719		11,905
Net properties, plants and equipment	39,733		39,097
Goodwill	1,433		1,433
Intangibles	968		978
Other assets	3,181		2,996
Total Assets	$	85,955	73,680

Liabilities
Accounts payable	$	13,524	8,581
Accounts payable—related parties	597		286
Short-term debt	1,045		1,038
Accrued income and other taxes	2,687		1,362
Employee benefit obligations	739		680
Other accruals	2,183		1,379

Total Current Liabilities	20,775		13,326
Long-term debt	17,485		18,678
Asset retirement obligations and accrued environmental costs	1,081		1,022
Deferred income taxes	7,692		7,308
Employee benefit obligations	484		573
Other liabilities and deferred credits	2,935		2,532
Total Liabilities	50,452		43,439

Equity
Common stock (2,500,000,000 shares authorized at $0.01 par value) Issued (2026—661,901,460 shares; 2025—659,391,484 shares)
Par value	7		7
Capital in excess of par	20,138		19,948
Treasury stock (at cost: 2026—271,829,098 shares; 2025—258,252,603 shares)	(26,940)		(23,934)
Retained earnings	41,380		33,239
Accumulated other comprehensive loss	(254)		(167)
Total Stockholders’ Equity	34,331		29,093
Noncontrolling interests	1,172		1,148
Total Equity	35,503		30,241
Total Liabilities and Equity	$	85,955	73,680


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Millions of Dollars
	Three Months Ended September 30
	Attributable to Phillips 66
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests	Total

June 30, 2026	$	7	20,063	(24,578)	36,270	(256)	1,197	32,703
Net income	—		—	—	5,616	—	23	5,639
Other comprehensive income	—		—	—	—	2	—	2
Dividends paid on common stock ($1.27 per share)	—		—	—	(504)	—	—	(504)
Repurchase of common stock	—		—	(2,362)	—	—	—	(2,362)
Distributions to noncontrolling interests	—		—	—	—	—	(49)	(49)
Contributions from noncontrolling interests	—		—	—	—	—	1	1
Benefit plan activity	—		75	—	(2)	—	—	73
September 30, 2026	$	7	20,138	(26,940)	41,380	(254)	1,172	35,503

June 30, 2025	$	7	19,820	(23,390)	31,172	(118)	1,136	28,627
Net income	—		—	—	133	—	34	167
Other comprehensive loss	—		—	—	—	(45)	—	(45)
Dividends paid on common stock ($1.20 per share)	—		—	—	(484)	—	—	(484)
Repurchase of common stock	—		—	(266)	—	—	—	(266)
Distributions to noncontrolling interests	—		—	—	—	—	(28)	(28)
Contributions from noncontrolling interests	—		—	—	—	—	18	18
Benefit plan activity	—		91	—	(3)	—	—	88
September 30, 2025	$	7	19,911	(23,656)	30,818	(163)	1,160	28,077


	Shares
	Three Months Ended September 30
	Common Stock Issued	Treasury Stock

June 30, 2026	661,175,772	262,154,856
Repurchase of common stock	—	9,674,242
Shares issued—share-based compensation	725,688	—

September 30, 2026	661,901,460	271,829,098

June 30, 2025	658,261,193	254,136,928
Repurchase of common stock	—	2,073,442
Shares issued—share-based compensation	870,312	—

September 30, 2025	659,131,505	256,210,370










See Notes to Consolidated Financial Statements.


	Millions of Dollars
	Nine Months Ended September 30
	Attributable to Phillips 66
	Common Stock
	Par Value		Capital in Excess of Par	Treasury Stock	Retained Earnings	Accum. Other Comprehensive Loss	Noncontrolling Interests	Total

December 31, 2025	$	7	19,948	(23,934)	33,239	(167)	1,148	30,241
Net income	—		—	—	9,670	—	67	9,737
Other comprehensive loss	—		—	—	—	(87)	—	(87)
Dividends paid on common stock ($3.81 per share)	—		—	—	(1,521)	—	—	(1,521)
Repurchase of common stock	—		—	(3,006)	—	—	—	(3,006)
Distributions to noncontrolling interests	—		—	—	—	—	(95)	(95)
Contributions from noncontrolling interests	—		—	—	—	—	52	52
Benefit plan activity	—		190	—	(8)	—	—	182
September 30, 2026	$	7	20,138	(26,940)	41,380	(254)	1,172	35,503

December 31, 2024	$	7	19,788	(22,751)	30,771	(407)	1,055	28,463
Net income	—		—	—	1,497	—	104	1,601
Other comprehensive income	—		—	—	—	244	—	244
Dividends paid on common stock ($3.55 per share)	—		—	—	(1,440)	—	—	(1,440)
Repurchase of common stock	—		—	(905)	—	—	—	(905)
Distributions to noncontrolling interests	—		—	—	—	—	(123)	(123)
Contributions from noncontrolling interests	—		—	—	—	—	124	124
Benefit plan activity	—		123	—	(10)	—	—	113
September 30, 2025	$	7	19,911	(23,656)	30,818	(163)	1,160	28,077


	Millions of Dollars

Cash paid to Cenovus	$	1,340
Fair value of previously held equity interest in WRB	1,304
Settlement of relationships with Phillips 66 and WRB	793
Total acquisition consideration	$	3,437


	Open Position Long / (Short)
	September 30 2026	December 31 2025
Commodity
Crude oil, refined petroleum products, NGL and renewable feedstocks (millions of barrels)	(43)	(33)
Natural gas (billions of cubic feet)	(17)	(17)


	Millions of Dollars
	September 30, 2026
	Fair Value Hierarchy				Total Fair Value of Gross Assets & Liabilities	Effect of Counterparty Netting	Effect of Collateral Netting	Difference in Carrying Value and Fair Value	Net Carrying Value Presented on the Balance Sheet
	Level 1		Level 2	Level 3
Commodity Derivative Assets
Exchange-cleared instruments	$	10,800	—	—	10,800	(10,373)	(413)	—	14

Physical forward contracts	—		309	6	315	—	—	—	315

Rabbi trust assets	123		—	—	123	N/A	N/A	—	123
Investment in NOVONIX	6		—	—	6	N/A	N/A	—	6

	$	10,929	309	6	11,244	(10,373)	(413)	—	458

Commodity Derivative Liabilities
Exchange-cleared instruments	$	10,871	—	—	10,871	(10,373)	(490)	—	8

Physical forward contracts	—		203	7	210	—	—	—	210


Fixed-rate debt, excluding finance leases and software obligations	—		16,648	—	16,648	N/A	N/A	1,419	18,067
	$	10,871	16,851	7	27,729	(10,373)	(490)	1,419	18,285


	Millions of Dollars
	Pension Benefits					Other Benefits
	2026			2025		2026	2025
	U.S.		Int’l.	U.S.	Int’l.
Components of Net Periodic Benefit Cost
Three Months Ended September 30
Service cost	$	33	2	31	3	1	1
Interest cost	33		8	32	8	2	1
Expected return on plan assets	(41)		(11)	(38)	(11)	—	—

Amortization of net actuarial loss (gain)	3		—	4	—	(2)	(1)
Settlements	2		5	4	—	—	—
Net periodic benefit cost*	$	30	4	33	—	1	1

Nine Months Ended September 30
Service cost	$	100	6	92	9	2	2
Interest cost	97		25	96	26	5	5
Expected return on plan assets	(123)		(34)	(114)	(34)	—	—

Amortization of net actuarial loss (gain)	9		(1)	12	(1)	(4)	(4)
Settlements	5		5	8	—	—	—
Net periodic benefit cost*	$	88	1	94	—	3	3
* Included within the “Operating expenses” and “Selling, general and administrative expenses” line items on our consolidated statement of income.


	Millions of Dollars
	Defined Benefit Plans		Foreign Currency Translation	Hedging	Accumulated Other Comprehensive Loss

December 31, 2025	$	(113)	(49)	(5)	(167)
Other comprehensive loss before reclassifications	(15)		(85)	—	(100)
Amounts reclassified from accumulated other comprehensive loss
Defined benefit plans*
Amortization of net actuarial loss and settlements	13		—	—	13
Foreign currency translation	—		—	—	—
Hedging	—		—	—	—
Net current period other comprehensive loss	(2)		(85)	—	(87)
September 30, 2026	$	(115)	(134)	(5)	(254)

December 31, 2024	$	(140)	(262)	(5)	(407)
Other comprehensive income before reclassifications	3		241	—	244
Amounts reclassified from accumulated other comprehensive loss
Defined benefit plans*
Amortization of net actuarial loss and settlements	12		—	—	12
Foreign currency translation**	—		(12)	—	(12)
Hedging	—		—	—	—
Net current period other comprehensive income	15		229	—	244

September 30, 2025	$	(125)	(33)	(5)	(163)
* Included within the computation of net periodic benefit cost. See Note 15—Pension and Postretirement Plans, for additional information.
** Included within the gain on sale of Coop, recognized in the “Net gain on dispositions” line item on our consolidated statement of income. See Note 6—Investments, Loans and Long-Term Receivables, for additional information.


Commission file number:			001-35349


	Millions of Dollars
	Three Months Ended September 30			Nine Months Ended September 30
	2026		2025	2026	2025
Product Line and Services
Refined petroleum products and renewable fuels	$	38,873	25,515	100,727	71,975
Crude oil resales	6,539		4,239	19,125	11,492
Natural gas liquids and natural gas	5,217		4,085	14,408	12,667
Services and other*	(89)		676	(176)	2,134
Consolidated sales and other operating revenues	$	50,540	34,515	134,084	98,268

Geographic Location**
United States	$	41,088	26,964	108,094	77,145
United Kingdom	6,180		3,391	15,796	9,742
Germany	872		1,359	2,387	3,886
Other countries	2,400		2,801	7,807	7,495
Consolidated sales and other operating revenues	$	50,540	34,515	134,084	98,268
* Includes economic hedging losses associated with derivatives-related activities. See Note 13—Derivatives and Financial Instruments, for additional information.
** Sales and other operating revenues are attributable to countries based on the location of the operations generating the revenues.


	Millions of Dollars
	September 30, 2026				December 31, 2025
	Gross PP&E		Accum. D&A	Net PP&E	Gross PP&E	Accum. D&A	Net PP&E

Midstream	$	31,188	6,676	24,512	29,558	5,771	23,787
Chemicals	—		—	—	—	—	—
Refining	23,150		11,153	11,997	25,955	13,685	12,270
Marketing and Specialties	1,053		578	475	1,014	543	471
Renewable Fuels	3,799		1,836	1,963	3,772	1,762	2,010
Corporate and Other	4,504		3,718	786	1,492	933	559
	$	63,694	23,961	39,733	61,791	22,694	39,097


	Millions of Dollars
	Three Months Ended September 30, 2026
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	6,177	—	11,693	31,951	712	7	—	50,540
Intercompany revenues	823		—	24,086	1,082	1,907	—	(27,898)	—
Total sales and other operating revenues	7,000		—	35,779	33,033	2,619	7	(27,898)	50,540
Equity in earnings (losses) of affiliates	85		311	(1)	162	4	—	—	561
Net gain on dispositions	—		—	—	—	—	1	—	1
Other income	37		—	178	33	96	61	(1)	404
Total Revenues and Other Income	7,122		311	35,956	33,228	2,719	69	(27,899)	51,506

Costs and Expenses
Purchased crude oil and products	5,418		—	28,342	32,585	2,337	1	(27,869)	40,814
Operating expenses*	578		2	1,166	26	99	26	(30)	1,867
Selling, general and administrative expenses*	66		(2)	55	353	38	115	—	625
Depreciation and amortization	291		—	218	21	24	37	—	591
Impairments	1		—	31	—	—	—	—	32
Taxes other than income taxes	66		—	96	(2)	30	11	—	201
Interest and debt expense	—		—	—	—	—	243	—	243
Other segment items**	—		—	17	—	—	8	—	25
Total Costs and Expenses	6,420		—	29,925	32,983	2,528	441	(27,899)	44,398

Income (loss) before income taxes	$	702	311	6,031	245	191	(372)	—	7,108
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


	Millions of Dollars
	Three Months Ended September 30, 2025
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	4,473	—	7,258	22,010	765	9	—	34,515
Intercompany revenues	602		—	12,077	578	845	4	(14,106)	—
Total sales and other operating revenues	5,075		—	19,335	22,588	1,610	13	(14,106)	34,515
Equity in earnings of affiliates	93		176	31	36	1	—	—	337
Net gain (loss) on dispositions	(8)		—	3	16	—	—	—	11
Other income	20		—	1	(6)	53	48	—	116
Total Revenues and Other Income	5,180		176	19,370	22,634	1,664	61	(14,106)	34,979

Costs and Expenses
Purchased crude oil and products	3,578		—	17,443	21,743	1,531	1	(14,077)	30,219
Operating expenses*	501		2	909	19	84	6	(29)	1,492
Selling, general and administrative expenses*	58		(2)	40	584	19	93	—	792
Depreciation and amortization	278		—	444	23	25	56	—	826
Impairments	—		—	951	—	—	—	—	951
Taxes other than income taxes	66		—	90	8	52	5	—	221
Interest and debt expense	—		—	—	—	—	259	—	259
Other segment items**	2		—	11	6	(4)	5	—	20
Total Costs and Expenses	4,483		—	19,888	22,383	1,707	425	(14,106)	34,780

Income (loss) before income taxes	$	697	176	(518)	251	(43)	(364)	—	199
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


	Millions of Dollars
	Nine Months Ended September 30, 2026
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	16,126	—	33,083	82,792	2,057	26	—	134,084
Intercompany revenues	2,698		—	61,162	2,527	4,672	3	(71,062)	—
Total sales and other operating revenues	18,824		—	94,245	85,319	6,729	29	(71,062)	134,084
Equity in earnings (losses) of affiliates	287		828	(2)	332	3	—	—	1,448
Net gain on dispositions	6		—	—	110	—	8	—	124
Other income	50		—	285	82	306	176	(3)	896
Total Revenues and Other Income	19,167		828	94,528	85,843	7,038	213	(71,065)	136,552

Costs and Expenses
Purchased crude oil and products	14,166		—	80,528	84,057	5,909	2	(70,968)	113,694
Operating expenses*	1,687		5	3,539	67	267	90	(97)	5,558
Selling, general and administrative expenses*	176		(6)	132	982	78	338	—	1,700
Depreciation and amortization	849		—	654	67	71	93	—	1,734
Impairments	5		—	34	—	2	8	—	49
Taxes other than income taxes	201		—	290	2	20	49	—	562
Interest and debt expense	—		—	—	—	—	843	—	843
Other segment items**	5		—	50	1	(3)	20	—	73
Total Costs and Expenses	17,089		(1)	85,227	85,176	6,344	1,443	(71,065)	124,213

Income (loss) before income taxes	$	2,078	829	9,301	667	694	(1,230)	—	12,339
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


	Millions of Dollars
	Nine Months Ended September 30, 2025
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	13,828	—	20,065	62,072	2,274	29	—	98,268
Intercompany revenues	1,761		—	33,839	1,574	2,460	8	(39,642)	—
Total sales and other operating revenues	15,589		—	53,904	63,646	4,734	37	(39,642)	98,268
Equity in earnings (losses) of affiliates	301		309	(76)	110	(1)	—	—	643
Net gain on dispositions	57		—	3	945	—	—	—	1,005
Other income	33		—	38	15	116	109	—	311
Total Revenues and Other Income	15,980		309	53,869	64,716	4,849	146	(39,642)	100,227

Costs and Expenses
Purchased crude oil and products	11,181		—	49,428	61,208	4,700	1	(39,562)	86,956
Operating expenses*	1,471		5	2,831	54	270	3	(80)	4,554
Selling, general and administrative expenses*	163		(5)	118	1,246	51	320	—	1,893
Depreciation and amortization	771		—	1,343	76	71	172	—	2,433
Impairments	—		—	955	1	—	25	—	981
Taxes other than income taxes	210		—	294	23	110	35	—	672
Interest and debt expense	—		—	—	—	—	744	—	744
Other segment items**	5		—	(4)	4	8	14	—	27
Total Costs and Expenses	13,801		—	54,965	62,612	5,210	1,314	(39,642)	98,260

Income (loss) before income taxes	$	2,179	309	(1,096)	2,104	(361)	(1,168)	—	1,967
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated statement of income: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


	Thousands of Barrels Daily
Transportation Volumes
Pipelines*	2,920	3,111	2,998	3,033
Terminals	3,598	3,127	3,405	3,047
Operating Statistics
Wellhead Volume (billion cubic feet per day)**	4.6	4.3	4.5	4.2
NGL production**	471	483	461	459
Pipeline Throughput–Y-Grade to Market***†	982	999	952	887
NGL fractionated†	1,003	930	1,001	854


	Millions of Pounds

CPChem Externally Marketed Sales Volumes*	5,609	6,572	16,323	18,831
* Represents 100% of CPChem’s outside sales of produced petrochemical products, as well as commission sales from equity affiliates.


Global Olefins and Polyolefins Capacity Utilization (percent)	92	%	104	92	98


	Dollars Per Barrel
Income (Loss) Before Income Taxes
Atlantic Basin/Europe	$	27.59	4.94	14.31	0.72
Gulf Coast	31.11		2.19	17.75	(0.79)
Central Corridor*	32.90		(20.61)	16.86	(2.82)
West Coast	28.91		(15.06)	18.52	(13.28)
Worldwide	30.76		(3.38)	16.50	(2.55)

Realized Refining Margins**
Atlantic Basin/Europe	$	33.34	11.94	21.42	9.24
Gulf Coast	38.83		8.74	24.96	7.61
Central Corridor*	40.70		15.82	25.79	13.35
West Coast	37.30		12.31	27.18	11.17
Worldwide	38.00		12.15	24.44	10.27


	Thousands of Barrels Daily, Except as Indicated
	Three Months Ended September 30			Nine Months Ended September 30
Operating Statistics	2026		2025		2026	2025
Refining operations*
Atlantic Basin/Europe
Crude oil capacity	554		537		554	537
Crude oil processed	547		534		529	471
Capacity utilization (percent)†	99	%	99		96	88
Refinery production	582		552		564	511
Gulf Coast
Crude oil capacity	541		529		541	529
Crude oil processed	495		528		515	469
Capacity utilization (percent)†	91	%	100		95	89
Refinery production	601		597		597	529
Central Corridor**
Crude oil capacity	793		531		793	531
Crude oil processed	817		549		784	540
Capacity utilization (percent)†	103	%	103		99	102
Refinery production	851		571		817	561
West Coast***
Crude oil capacity	105		244		105	244
Crude oil processed	102		214		94	225
Capacity utilization (percent)†	97	%	88		89	92
Refinery production	108		219		99	230
Worldwide
Crude oil capacity	1,993		1,841		1,993	1,841
Crude oil processed	1,961		1,825		1,922	1,705
Capacity utilization (percent)†	98	%	99		96	93
Refinery production	2,142		1,939		2,077	1,831
* Includes our share of equity affiliates.
** Includes our proportional share of our equity method investment in WRB through September 30, 2025. Beginning on October 1, 2025, 100% of Borger Refinery and Wood River Refinery are included in consolidated results. See Note 2—Business Combinations, in the Notes to Consolidated Financial Statements for additional information.
*** In the fourth quarter of 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery, and the associated crude oil capacity is excluded from the statistics above beginning on October 1, 2025.
† Capacity utilization percentages, as presented, are calculated using underlying crude oil processed volumes divided by crude oil capacity. As such, recalculated utilization percentages using the rounded volumes presented may differ due to rounding.




	Dollars Per Gallon
U.S. Average Wholesale Prices*
Gasoline	$	3.49	2.51	3.17	2.52
Distillates	4.50		2.77	3.86	2.64
* On third-party branded petroleum product sales.


	Thousands of Barrels Daily


Marketing Refined Product Sales
Gasoline	1,267	1,340	1,254	1,279
Distillates	986	993	965	957
Other	12	42	40	50
	2,265	2,375	2,259	2,286


	Thousands of Barrels Daily
Operating Statistics
Total Renewable Fuels Produced	47	36	47	40
Total Renewable Fuel Sales	73	63	64	66


Market Indicators

Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.70	0.53	0.67	0.49
California Low-Carbon Fuel Standard (LCFS) carbon credit (dollars per metric ton)	80.82		53.40	71.65	57.34
California Air Resources Board (CARB) ultra-low-sulfur diesel (ULSD) - San Francisco (dollars per gallon)	4.43		2.55	3.85	2.50
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)	2.22		1.13	1.93	1.00


	Millions of Dollars, Except as Indicated
	September 30 2026		December 31 2025

Cash and cash equivalents	$	5,848	1,116
Short-term debt	1,045		1,038
Total debt	18,530		19,716
Total equity	35,503		30,241
Percent of total debt to capital*	34%		39
Percent of floating-rate debt to total debt	—%		2
* Capital includes total debt and total equity.


Summarized Combined Statement of Income	Millions of Dollars
	Nine Months Ended September 30, 2026

Sales and other operating revenues	$	102,470
Revenues and other income—non-guarantor subsidiaries	28,386
Purchased crude oil and products—third parties	73,217
Purchased crude oil and products—related parties	2,009
Purchased crude oil and products—non-guarantor subsidiaries	43,999

Income before income taxes	6,650
Net income	5,260


Summarized Combined Balance Sheet	Millions of Dollars
	September 30 2026		December 31 2025

Accounts and notes receivable—third parties	$	4,289	1,348
Accounts and notes receivable—related parties	470		254
Due from non-guarantor subsidiaries, current	5,050		3,825
Total current assets	19,175		9,676
Investments and long-term receivables	9,322		8,502
Net properties, plants and equipment	10,848		10,964
Goodwill	906		906
Due from non-guarantor subsidiaries, noncurrent	1,369		548
Other assets associated with non-guarantor subsidiaries	799		1,015
Total noncurrent assets	26,126		24,575
Total assets	45,301		34,251

Due to non-guarantor subsidiaries, current	$	7,622	5,892
Total current liabilities	19,279		13,788
Long-term debt	15,017		15,465
Due to non-guarantor subsidiaries, noncurrent	14,111		10,859
Total noncurrent liabilities	36,738		33,243
Total liabilities	56,017		47,031
Total equity	(10,716)		(12,780)
Total liabilities and equity	45,301		34,251


	Millions of Dollars, Except as Indicated
Realized Refining Margins	Atlantic Basin/ Europe		Gulf Coast	Central Corridor	†	West Coast	Worldwide

Three Months Ended September 30, 2026
Income before income taxes	$	1,474	1,702	2,568		287	6,031
Plus:

Taxes other than income taxes	28		26	27		15	96
Depreciation, amortization and impairments	57		98	78		16	249
Selling, general and administrative expenses	18		5	24		8	55
Operating expenses	301		292	515		58	1,166
Equity in losses of affiliates	1		—	—		—	1
Other segment (income) expense, net	(113)		1	(35)		(14)	(161)
Proportional share of refining gross margins contributed by equity affiliates	15		—	—		—	15





Realized refining margins	$	1,781	2,124	3,177		370	7,452

Total processed inputs (thousands of barrels)	53,422		54,708	78,044		9,914	196,088


Income before income taxes per barrel (dollars per barrel)**	$	27.59	31.11	32.90		28.91	30.76
Realized refining margins (dollars per barrel)***	33.34		38.83	40.70		37.30	38.00

Three Months Ended September 30, 2025
Income (loss) before income taxes	$	250	119	(580)		(307)	(518)
Plus:

Taxes other than income taxes	17		26	26		21	90
Depreciation, amortization and impairments	56		66	992		281	1,395
Selling, general and administrative expenses	7		7	18		8	40
Operating expenses	249		256	162		242	909
Equity in (earnings) losses of affiliates	2		—	(33)		—	(31)
Other segment (income) expense, net	(1)		—	1		7	7
Proportional share of refining gross margins contributed by equity affiliates	24		—	238		—	262





Realized refining margins	$	604	474	824		252	2,154

Total processed inputs (thousands of barrels)	50,624		54,239	28,113		20,403	153,379
Adjusted total processed inputs (thousands of barrels)*	50,624		54,239	52,127		20,403	177,393

Income (loss) before income taxes per barrel (dollars per barrel)**	$	4.94	2.19	(20.61)		(15.06)	(3.38)
Realized refining margins (dollars per barrel)***	11.94		8.74	15.82		12.31	12.15
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
† Includes our proportional share of our equity method investment in WRB through September 30, 2025. Beginning on October 1, 2025, 100% of Borger Refinery and Wood River Refinery are included in consolidated results. Refer to Note 2—Business Combinations, in the Notes to Consolidated Financial Statements for additional information.


	Millions of Dollars, Except as Indicated
	Three Months Ended September 30, 2026			Three Months Ended September 30, 2025
	U.S.		International	U.S.	International
Realized Marketing Fuel Margins
Income (loss) before income taxes	$	117	(67)	34	155
Plus:


Depreciation and amortization	13		1	11	5
Selling, general and administrative expenses	278		7	460	63

Equity in earnings of affiliates	(16)		(15)	(13)	(1)
Other operating revenues*	(157)		(3)	(129)	(9)
Other expense, net	11		3	13	—
Special items:
Net gain on asset dispositions	—		—	—	(15)

Marketing margins	246		(74)	376	198
Less: margin for nonfuel related sales	—		—	—	15
Realized marketing fuel margins	$	246	(74)	376	183

Total fuel sales volumes (thousands of barrels)	191,554		16,861	184,435	34,035

Income (loss) before income taxes per barrel (dollars per barrel)	$	0.61	(3.97)	0.18	4.55
Realized marketing fuel margins (dollars per barrel)**	1.29		(4.41)	2.04	5.37
* Includes other nonfuel revenues.
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.


	Millions of Dollars, Except as Indicated
	Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
	U.S.		International	U.S.	International
Realized Marketing Fuel Margins
Income before income taxes	$	134	96	574	1,328
Plus:


Depreciation and amortization	39		4	36	20
Selling, general and administrative expenses	778		24	865	200
Equity in earnings of affiliates	(42)		(72)	(31)	(10)
Other operating revenues*	(424)		(5)	(355)	(29)
Other expense, net	28		4	34	3
Special items:
Net gain on asset dispositions	—		(110)	—	(943)

Marketing margins	513		(59)	1,123	569
Less: margin for nonfuel related sales	—		—	—	47
Realized marketing fuel margins	$	513	(59)	1,123	522

Total fuel sales volumes (thousands of barrels)	559,295		57,417	533,525	90,606

Income before income taxes per barrel (dollars per barrel)	$	0.24	1.67	1.08	14.66
Realized marketing fuel margins (dollars per barrel)**	0.92		(1.02)	2.10	5.76
* Includes other nonfuel revenues.
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.


					Millions of Dollars
Period	Total Number of Shares Purchased*	Average Price Paid per Share**		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs***	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2026	1,564,999	$	199.33	1,564,999	$	11,347
August 1-31, 2026	2,637,410	233.75		2,637,410	10,730
September 1-30, 2026	5,471,833	262.23		5,471,833	9,296
Total	9,674,242	$	244.29	9,674,242
* Includes repurchase of shares of common stock from company employees in connection with the company’s broad-based employee incentive plans, when applicable.
** Average price paid per share includes excise taxes.
*** Since the inception of our share repurchase program in 2012, our Board of Directors has authorized an aggregate of $35 billion of repurchases of our outstanding common stock. Our share repurchase authorizations do not expire. Any future share repurchases will be made at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. Shares of stock repurchased are held as treasury shares.