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![Phillips 66 [PSX] reports annual net loss of $7.2 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPSX.png&w=1200&q=75)
Phillips 66 [PSX] has reported a net loss of $7.2 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $147.4 billion
Based in HOUSTON, Texas, Phillips 66 operates in the MANUFACTURING sector.
In the annual report for the year ended December 31, 2023, Phillips 66 recorded revenues and other income totaling $149.89 million, compared to $175.70 million in the previous year and $114.85 million two years ago. This signifies a decrease in revenue compared to the prior periods.
Costs and expenses for the current reporting period included purchased crude oil and products at $128.09 million, operating expenses at $6.15 million, and selling, general, and administrative expenses at $2.53 million. Total costs and expenses amounted to $140.42 million for the year ended December 31, 2023. Comparatively, costs were lower than the prior year's $161.06 million.
The company reported a net income of $7.24 million for the year 2023, reflecting a decrease from $11.39 million in 2022 and $1.59 million in 2021. This decline in net income signals challenges faced by Phillips 66 in the current fiscal year.
Earnings per share for common stock showed a downward trend, with basic earnings per share at $15.56 for 2023, down from $23.36 in 2022, and $2.97 in 2021. The diluted earnings per share were $15.48 for 2023, down from $23.27 in 2022, and remaining constant at $2.97 in 2021.
The weighted-average common shares outstanding were 450.14 million for basic and 453.21 million for diluted shares in 2023, compared to 471.50 million and 473.73 million in 2022, respectively. These figures highlight a decrease in the number of outstanding shares over the years, which may impact earnings per share metrics.
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