Phillips 66 reported its fourth-quarter 2024 earnings with an adjusted loss of $0.15 per share, better than the anticipated loss of $0.25. The company also recorded an adjusted pre-tax loss of $60 million, compared to the expected loss of $119 million. Midstream adjusted pre-tax income was $708 million, surpassing estimates of $673.8 million. Despite these results, revenue figures were not disclosed, although expectations were set at $32.21 billion. The earnings were impacted by $230 million in accelerated depreciation related to the Los Angeles Refinery. Phillips 66 also announced the next phase of its strategic initiatives, reflecting a focus on strengthening its renewables segment.