PSX - Phillips 66 Non-GAAP EPS of $1.32 beats by $0.05

Phillips 66 press release (NYSE:PSX): Q1 Non-GAAP EPS of $1.32 beats by $0.05. Shares +2% PM. “In the first quarter, we generated strong cash flow in a volatile market environment with seasonally lower margins across our businesses,” said Greg Garland, Chairman and CEO of Phillips 66. “While first-quarter results were lower quarter-on-quarter, we saw substantially improved financial results from our operations in March and expect continued strong performance in the second quarter. We believe current market conditions will allow us to increase shareholder returns by restarting share repurchases and increasing the dividend. In April, we repaid $1.45 billion of debt and plan to repay additional debt this year.

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Phillips 66 Non-GAAP EPS of $1.32 beats by $0.05