Phillips 66 (PSX) Reports Strong Results for Q4

The share price of Phillips 66 (NYSE:PSX) surged by 10.73% between February 2 and February 9, 2026, putting it among the Energy Stocks that Gained the Most This Week.

Phillips 66 (NYSE:PSX) is a leading integrated downstream energy provider engaged in refining, transporting, and marketing fuels.

Phillips 66 (NYSE:PSX) shot up on February 4 after the company reported better-than-expected Q4 2025 results, as the US refining margins posted a strong rebound from 2024 lows. The refining firm posted an adjusted EPS of $2.47, beating expectations by $0.32. Meanwhile, revenue for the quarter came in at $36.33 billion, up 7% YoY and topping estimates by nearly $2.9 billion.

Phillips 66 (NYSE:PSX)’s realized margin more than doubled to $12.48 per barrel in the fourth quarter, taking its refining earnings to $542 million, up from a loss of $759 million in the year-ago period. Moreover, the company’s refining operations operated at 99% crude capacity utilization during the quarter, while it delivered a record clean product yield of 88%. As a result, PSX posted earnings of $2.9 billion in Q4, a big jump from third-quarter earnings of $133 million. Additionally, the refiner managed to reduce its debt by $2 billion during the quarter, ending the year with net debt of $19.7 billion, helped by the sale of a 65% stake in its German and Austrian fuel retail business in December.

Following its impressive Q4 performance, Phillips 66 (NYSE:PSX) attracted positive attention from several analysts. On February 9, Citi raised its price target on the stock from $146 to $159 while maintaining its ‘Neutral’ rating after updating its oil and gas refiner models following the Q4 results. Similarly, analysts at TD Cowen, UBS, BMO Capital, Morgan Stanley, and Piper Sandler raised their price targets on PSX over the past week.

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