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Phillips 66’s 2027 Strategic Priorities Look Achievable

publication date: Aug 18, 2025
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Image Source: Phillips 66. 

At the end of the quarter, Phillips 66 had $1.1 billion of cash and cash equivalents on the books and $3.7 billion of committed capacity available under credit facilities. The company ended the quarter with $20.9 billion in total debt, and a net debt-to-capital ratio of 41%. On the call, management noted that it was on track to achieve the $4.5 billion annual EBITDA target in Midstream by 2027. Also by that year, Phillips 66 expects to see its adjusted cost per barrel number below $5.50 per barrel on an annual basis. We like Phillips 66’s 2027 strategic priorities, especially in that it targets a “secure, competitive & growing dividend.” Shares yield 3.9% at the time of this writing.


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