Phillips 66 (PSX) 10-K Summary — Year Ended Dec 31, 2023
Phillips 66 operates as an integrated energy company. The filing reports a decline in revenue for the covered period, with net income and operating cash flow both at a stated value.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Phillips 66 operates as an integrated energy company. The filing reports a decline in revenue for the covered period, with net income and operating cash flow both at a stated value.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$147.4B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$7B
Net income reported for the year.
Operating cash flow
$7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $111.5B | n/a |
| Dec 31, 2022 | $170B | +52.5% |
| Dec 31, 2023 | $147.4B | -13.3% |
Business overview
The company refers to its business as encompassing the operations of Phillips 66 and its consolidated subsidiaries. The filing text indicates that the document contains forward-looking statements regarding plans, strategies, and objectives, but the specific nature of the business segments is not detailed in the supplied context.
Financial performance
Revenue for the year ended December 31, 2023 was reported at a level lower than the prior year, following a significant increase in the prior period. Net income and operating cash flow were both reported at the same dollar figure.
Material risks
The filing includes a Risk Factors section but the supplied text does not provide any specific risk details. The management discussion acknowledges forward-looking statements, which inherently involve uncertainties. No material risks are described in the supplied context.
Liquidity and capital
The filing text references a Management's Discussion and Analysis section, but no specific liquidity or capital-allocation themes are described in the supplied context. No cash flow or capital expenditure details beyond the stated operating cash flow figure are provided.
What to watch
Readers should monitor whether the company's revenue trend reverses or continues in the next filing, given the recent decline after a prior sharp increase.