Phillips 66 reported second-quarter 2026 earnings of $3.85 billion, or $9.55 per diluted share, compared with $207 million, or $0.51 per share, in the previous quarter. The improvement was led by Phillips 66's refining business, where adjusted pre-tax income rose to $3.09 billion from $208 million. Phillips 66 attributed the turnaround primarily to higher global marketing margins and favorable mark-to-market effects. Phillips 66 reported record natural gas liquids fractionation and liquefied petroleum gas export volumes, with fractionation reaching 1.02 million barrels per day. Phillips 66 reduced total debt by $6.6 billion during the quarter to $20.6 billion, while net debt fell to $16.5 billion.