Monitor final Q1 2026 results for confirmation of mark-to-market impacts and liquidity usage; the sharp increase in commodity prices has created a headwind despite stable operations, and the new term loan increases near-term leverage.
Price Chart
Executive Summary
Phillips 66 issued preliminary Q1 2026 guidance citing $900M in pre-tax mark-to-market losses due to rising commodity prices, with estimated segment losses in Refining, Marketing & Specialties, and Renewable Fuels. The company drew down liquidity measures including a $2.25B term loan to manage cash collateral outflows.
Key Facts
- Preliminary Q1 2026 results impacted by ~$900M in pre-tax mark-to-market losses due to rising commodity prices
- Refining segment to report $350-450M in mark-to-market losses, Marketing & Specialties $300-400M, Renewable Fuels $100-200M
- Company faced ~$3B cash collateral outflow on derivatives, leading to drawdowns on credit lines and a new $2.25B 364-day term loan
- Guidance shows Midstream earnings $550-600M, Refining loss $400-200M, Marketing & Specialties loss $170-20M, and Chemicals $80-130M
Financial Impact
Approximately $900M in pre-tax mark-to-market losses impacting Q1 2026 results, with significant cash collateral outflows of ~$3B
Risk Factors
- Commodity price volatility continues to create mark-to-market headwinds despite economic hedging
- Increased leverage from new $2.25B term loan and potential for further collateral calls if prices rise
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001534701-26-000015 |
| Document: psx-20260406.htm | 0001534701-26-000015 |
| Document: 0001534701-26-000015-index-headers.html | 0001534701-26-000015 |
| Document: 0001534701-26-000015-index.html | 0001534701-26-000015 |
| Document: 0001534701-26-000015.txt | 0001534701-26-000015 |
| 8-K Data (Synthetic) | 0001534701-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | Court Ruling | $246.58 $252.25 | ▲ +2.30% | ▲ +2.49% | $264.58 (+7.30%) |
Aug 13, 2026 7w ago | Insider Cluster | $232.61 $259.47 | ▲ +11.55% | ▲ +13.29% | $264.58 (+13.74%) |
Aug 12, 2026 7w ago | Insider Cluster | $232.61 $259.47 | ▲ +11.55% | ▲ +13.29% | $264.58 (+13.74%) |
Aug 11, 2026 7w ago | Insider Cluster | $224.36 $260.78 | ▲ +16.23% | ▲ +17.29% | $264.58 (+17.93%) |
Aug 5, 2026 8w ago | 8-K | $202.55 $256.09 | ▲ +26.43% | ▲ +27.03% | $264.58 (+30.62%) |
May 20, 2026 19w ago | Court Ruling | $179.34 $166.14 | ▼ −7.36% | ▼ −8.10% | $264.58 (+47.53%) |
May 20, 2026 19w ago | Court Ruling | $179.34 $166.14 | ▼ −7.36% | ▼ −8.10% | $264.58 (+47.53%) |
May 11, 2026 20w ago | 144 | $175.43 $181.72 | ▲ +3.59% | ▲ +5.31% | $264.58 (+50.82%) |
Apr 29, 2026 22w ago | 8-K | $172.24 $176.71 | ▲ +2.60% | ▼ −3.45% | $264.58 (+53.61%) |
Apr 6, 2026 25w ago | 8-K | $174.70 $178.47 | ▼ −2.16% | ▲ +7.62% | $264.58 (−51.45%) |
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