loanDepot’s Jennifer Edwards Named to HousingWire’s 2024 Class of Rising Stars




loanDepot’s Jennifer Edwards Named to HousingWire’s 2024 Class of Rising Stars

Accolade spotlights leaders driving the mortgage, real estate and fintech industries forward

IRVINE, Calif.–(BUSINESS WIRE)–#HomeMeansEverything–loanDepot, Inc. (“LDI” or “Company”) (NYSE: LDI), a leading provider of home lending solutions that enables customers to achieve the dream of homeownership, announced that Senior Vice President of Accounting Systems Jennifer Edwards has received HousingWire’s Rising Star award, which spotlights leaders 40 years and younger who demonstrate leadership and innovation that inspires not only those within their organizations but in their communities and the industry at large.

“Jennifer is passionate about making a difference for loanDepot, our communities, and the industry,” said loanDepot Chief Financial Officer David Hayes. “Her contributions have helped streamline and optimize the Company’s financial systems as part of our Vision 2025 strategy. It’s wonderful to see her receive this recognition as a go-to member of our finance team who is looked up to as a mentor and leader who embodies the company’s purpose-driven DNA.”

Edwards is a forward-thinking accounting technologist who continuously works to enhance and improve loanDepot’s finance and accounting operations, creating efficiencies that streamline work across all departments and contribute to data-driven decisions. She led the implementation of Workday’s Financial Management system and is a frequent contributor to strategic initiatives including the launch of the company’s digital HELOC and transition to the new cloud-based Empower LOS.

“This is a well-deserved honor for Jennifer who is a true servant leader within loanDepot,” said loanDepot Chief Accounting Officer Darren Graeler. “She’s a team player who takes a collaborative approach that goes beyond the finance department as she actively mentors rising stars and builds connections across the company to promote innovation and support career growth for members of Team loanDepot.”

“My father and godfather worked in the business, so as a second-generation mortgage pro, I am carrying forward their legacy and ushering in the next generation,” said Edwards. “I see accounting as the language of business, and understanding that language allows me to tell a story and add back value that goes beyond just numbers. While our role is behind the scenes, our work streamlines operations and creates efficiencies for the company which has implications for the industry by benefiting originators and homebuyers, especially in today’s challenging market.”

Edwards is first in line when presented with opportunities to serve others in her Southern California community. She recently joined colleagues to build homes for Habitat for Humanity in Santa Ana and Los Angeles and she regularly volunteers for Second Harvest Food Bank of Orange County, Girl Scouts of Orange County, the American Youth Soccer Organization, and Boys & Girls Clubs of Central Orange Coast. Additionally, she mentors young women from Anaheim High Schools, supporting their career exploration through the American Heart Association’s STEM Goes Red initiative.

The Rising Star award marks loanDepot’s second HousingWire accolade of 2024, having earned the Tech100 Mortgage award in February.

About loanDepot

loanDepot (NYSE: LDI) is a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life’s most complex transactions. Since its launch in 2010, the company has been recognized as an innovator, using its industry-leading technology to deliver a superior customer experience. Our digital-first approach makes it easier, faster and less stressful to purchase or refinance a home. Today, as one of the largest non-bank lenders in the country, loanDepot and its mellohome operating unit offer an integrated platform of lending, loan servicing, real estate and home services that support customers along their entire homeownership journey. Headquartered in Southern California and with hundreds of local market offices nationwide, loanDepot’s passionate team is dedicated to making a positive difference in the lives of their customers every day.

Contacts

Jonathan Fine

VP, Public Relations

(781) 248-3963

jfine@loandepot.com

Soho House & Co Inc. to Announce First Quarter 2024 Results on May 10, 2024




Soho House & Co Inc. to Announce First Quarter 2024 Results on May 10, 2024

LONDON–(BUSINESS WIRE)–$SHCO–Soho House & Co Inc. (NYSE: SHCO) – the global membership platform comprised of Soho House, Soho Works, The Ned, Scorpios Beach Club, Soho Home, and The Line and Saguaro Hotels – will release its first quarter 2024 financial results on Friday, May 10, 2024.

A conference call and live webcast will be hosted to discuss these results on Friday, May 10, 2024, at 9.00 am ET.

To listen to the live conference call, please dial:

USA:

+1 (646) 307-1963

Toll-Free (800) 715-9871

UK:

+44 (0)20 3481 4247

Toll-Free +44 (0)800 260 6466

Conference ID: 6397190

A live broadcast and accompanying presentation will be available on the company website www.sohohouseco.com

A replay of the webcast will be available on the Soho House & Co Inc. website following the call for up to 90 days.

What is Soho House & Co Inc.?

Soho House & Co (SHCO) is a global membership platform of physical and digital spaces that connects a vibrant, diverse and global group of members. These members use the Soho House & Co platform to work, socialize, connect, create and flourish all over the world. We began with the opening of the first Soho House in 1995 and remain the only company to have scaled a private membership network with a global presence. Members around the world engage with Soho House & Co through our global collection of 43 Soho Houses, 9 Soho Works, Scorpios Beach Club in Mykonos, Soho Home – our interiors and lifestyle retail brand – and our digital channels. The Ned in London, New York and Doha, The LINE and Saguaro hotels in North America also form part of Soho House & Co’s wider portfolio.

For more information, please visit www.sohohouseco.com

Source: Soho House & Co (SHCO)

Contacts

Investor Relations
ir@sohohouseco.com

Media and Press
press@sohohouseco.com

Hearsay Summit Brings Together Brightest Minds in Financial Services to Up-level Digital Marketing and Explore AI Use Cases Amidst a Dynamic Regulatory Environment




Hearsay Summit Brings Together Brightest Minds in Financial Services to Up-level Digital Marketing and Explore AI Use Cases Amidst a Dynamic Regulatory Environment

The elite gathering featured leaders from Edward Jones, Wells Fargo, New York Life, BlackRock, American Family Insurance, and more

SAN FRANCISCO–(BUSINESS WIRE)–#AIFinancialServices—Hearsay Systems, the trusted global leader in digital client engagement for the financial services industry, today announced that it held its 12th annual Hearsay Summit April 15-17 at the Essex House in New York City. Sponsored by LinkedIn, leaders at the intersection of financial services and technology convened to brainstorm, network, and learn. Through two days of motivating keynotes, engaging panel discussions, and interactive breakout sessions, attendees from 60 leading financial firms uncovered new ideas to elevate their firm’s digital engagement programs, particularly in light of compliance challenges and the rise of AI.

This year’s 30 customer speakers included industry experts and visionaries from Edward Jones, Wells Fargo, American Family Insurance, Ameriprise Financial, BlackRock, Co-operators, and many more.

One highlight was Hearsay Co-founder and Executive Chairperson and CEO of Salesforce AI, Clara Shih’s fireside chat with David Chubak, Head of Branch Development and U.S. Business Unit, at Edward Jones. This wide-ranging conversation covered AI, leadership principles, and digital and organizational transformation.

“This year’s Summit was our biggest and best yet. The energy and excitement for refining existing practices and innovating to tackle new challenges was palpable,” said Leslie Leach, Chief Marketing & Strategy Officer of Hearsay Systems. “Between evolving regulations, changing customer engagement preferences, and integrating responsible AI into financial services, keeping pace can be overwhelming for many organizations. This tight-knit community understands that the industry and its firms work better when we collaborate to find new solutions. I am thrilled that Hearsay Summit offers such a space.”

Recognizing Innovation

In addition to Summit programming, each year Hearsay honors select companies for their accomplishments. The Hearsay Awards program celebrates financial services leaders who use Hearsay to elevate the customer experience and deliver outstanding value to clients. Category winners were selected by a panel of judges based on the creativity, impact, and business value of their Hearsay use case.

The 2024 Hearsay Award Winners are:

• Networking Ninja (Outstanding growth in Hearsay Social network connections): Michele Weisman, JPMorgan Asset Management
• Fast Fingers (Fastest response time on Hearsay Relate/Actions): John Heidrich, Allstate
• Sites Superstar (Outstanding lead generation using Hearsay Sites): Mike Bruno, Co-operators
• Exceptional Engagement (Outstanding Hearsay Social engagement)
  • Dan Hart and Khrista Trerotola, National Life Group
  • Edie De Phillips, Wells Fargo Home Lending

About Hearsay

As the trusted global leader in digital client engagement for financial services, Hearsay Systems empowers over 260,000 advisors and agents to proactively guide and capture the last mile of digital communications in a compliant manner. The world’s leading financial firms—including BlackRock, Charles Schwab, and New York Life—rely on Hearsay’s compliance-driven platform to scale their reach, optimize sales engagements, grow their business, and deliver exceptional client service. Hearsay is headquartered in San Francisco, with globally distributed teams in North America, Europe, and Asia.

Connect on Facebook, X, LinkedIn and the Hearsay blog.

Contacts

Carmen Mantalas

GMK Communications for Hearsay System

carmen@gmkcommunications.com

Rockwell Automation to Present at Oppenheimer’s 19th Annual Industrial Growth Conference




Rockwell Automation to Present at Oppenheimer’s 19th Annual Industrial Growth Conference

MILWAUKEE–(BUSINESS WIRE)–Rockwell Automation, Inc. (NYSE: ROK) Senior Vice President, Lifecycle Services, Matt Fordenwalt, and Vice President, Investor Relations and Market Strategy, Aijana Zellner, will present virtually at Oppenheimer’s 19th Annual Industrial Growth Conference on Wednesday, May 8, 2024.

The fireside chat will be webcast beginning at approximately 12:45 p.m. EDT and will be available on the Rockwell Automation Investor Relations website at www.rockwellautomation.com/en-us/investors.html.

About Rockwell Automation

Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 29,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

Contacts

Aijana Zellner

Head of Investor Relations and Market Strategy

+1 414-382-8510

azellner@rockwellautomation.com

Ed Moreland

Head of Government Affairs and Corporate Communications

+1 571-296-0391

edward.moreland@rockwellautomation.com

Virtus Investment Partners Announces Financial Results for First Quarter 2024




Virtus Investment Partners Announces Financial Results for First Quarter 2024

• Earnings Per Share – Diluted of $4.10; Earnings Per Share – Diluted, as Adjusted, of $5.41

• Total Sales of $7.6B; Net Flows of ($1.2B); Assets Under Management of $179.3B

HARTFORD, Conn.–(BUSINESS WIRE)–Virtus Investment Partners, Inc. (NYSE: VRTS) today reported financial results for the three months ended March 31, 2024.

Financial Highlights (Unaudited)

(in millions, except per share data or as noted)

Earnings Summary

The company presents U.S. GAAP and non-GAAP earnings information in this release. Management believes that the non-GAAP financial measures presented reflect the company’s operating results from providing investment management and related services to individuals and institutions and uses these measures to evaluate financial performance. Non-GAAP financial measures have material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures. Non-GAAP information and reconciliations to the most comparable U.S. GAAP measures can be found beginning on page 10 of this earnings release.

Assets Under Management and Asset Flows

(in billions)

Total assets under management of $179.3 billion at March 31, 2024 increased 4% from $172.3 billion at December 31, 2023 due to market performance and positive net flows in retail separate accounts, partially offset by net outflows in institutional accounts and open-end funds. In addition, the company provided services to $2.7 billion of other fee-earning assets.

Total sales increased 22% to $7.6 billion from $6.2 billion in the fourth quarter as a result of higher sales in all product categories. Institutional sales of $1.7 billion increased 47% from $1.2 billion in the prior quarter. Retail separate account sales of $2.4 billion increased 12% from $2.1 billion led by the intermediary sold channel. Open-end fund sales of $3.5 billion increased 18% from $2.9 billion reflecting higher sales in almost all investment strategies.

Net flows of ($1.2) billion improved from ($3.8) billion in the fourth quarter and included positive net flows in retail separate accounts, ETFs, and global funds. Institutional net flows of ($1.3) billion improved from ($2.2) billion due to higher sales and lower redemptions. Retail separate account net flows of $0.7 billion increased from $0.4 billion in the prior quarter. Open-end fund net flows of ($0.6) billion improved significantly from ($2.0) billion in the prior quarter and included positive net flows in small/mid-cap, global equity, and fixed income strategies.

GAAP Results

Operating income of $32.3 million declined 17% from $39.0 million in the prior quarter as a 3% increase in revenues, reflecting higher average assets under management, was more than offset by an 8% increase in operating expenses. The increase in operating expenses was primarily due to higher employment expenses as a result of seasonal employment items and higher variable incentive compensation, partially offset by lower operating expenses of consolidated investment products and lower fair value adjustments to contingent consideration. Other operating expenses were nearly flat sequentially.

Net income attributable to Virtus Investment Partners, Inc. of $4.10 per diluted share included ($0.69) of fair value adjustments to affiliate minority interests, ($0.12) of amortization related to an early lease termination fee, and ($0.11) of acquisition and integration costs, partially offset by $0.76 of realized and unrealized gains on investments. Net income per diluted share of $4.21 in the prior quarter included ($0.76) of fair value adjustments to affiliate minority interests, ($0.36) of CLO issuance expense, ($0.18) of acquisition and integration costs, and ($0.13) of fair value adjustments to contingent consideration, partially offset by $0.35 of realized and unrealized gains on investments.

The effective tax rate of 19% decreased from 26% in the prior quarter, primarily reflecting changes in valuation allowances related to marketable securities.

Non-GAAP Results

Revenues, as adjusted, of $200.2 million increased 4% from $193.4 million in the prior quarter primarily due to 7% higher average assets under management partially offset by lower performance fees.

Employment expenses, as adjusted, of $111.6 million increased from $96.7 million in the prior quarter due to $10.9 million of seasonal expenses, primarily payroll taxes and benefits related to the timing of annual incentive payments, in addition to higher variable incentive compensation. Other operating expenses, as adjusted, of $30.2 million decreased from $31.2 million.

Operating income, as adjusted, of $56.4 million and the related margin of 28.2% decreased from $63.9 million and 33.0% in the prior quarter, respectively, due to the seasonal employment expenses, partially offset by higher investment management fees and lower other operating expenses.

Net income attributable to Virtus Investment Partners, Inc., as adjusted, per diluted share was $5.41, a decrease of 11% from $6.11 in the prior quarter. The decrease primarily reflected $1.11 per share of seasonal expenses, partially offset by higher revenues, as adjusted, and lower other operating expenses, as adjusted.

The effective tax rate, as adjusted, of 26% compared with 27% in the prior quarter.

Select Balance Sheet Items (Unaudited)

(in millions)

Working capital of $123.4 million at March 31, 2024 compared with $109.1 million at December 31, 2023, as earnings more than offset return of capital.

During the quarter, the company repurchased 21,108 shares for $5.0 million and net settled an additional 42,588 shares for $9.9 million.

Net debt was $134.2 million, or 0.4x EBITDA, at March 31, 2024.

Conference Call and Investor Presentation

Management will host an investor conference call and webcast on Friday, April 26, 2024, at 10 a.m. Eastern to discuss these financial results and related matters. The presentation that will accompany the conference call is available in the Investor Relations section of virtus.com. A replay of the call will be available in the Investor Relations section for at least one year.

About Virtus Investment Partners, Inc.

Virtus Investment Partners (NYSE: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment management products and services from our affiliated managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs. Additional information about our firm, investment partners, and strategies is available at virtus.com.

U.S. GAAP Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per share data)

Assets Under Management – Product and Asset Class

(in millions)

Assets Under Management – Average Management Fees Earned (6)

(in basis points)

Assets Under Management – Asset Flows by Product

(in millions)

Non-GAAP Information and Reconciliations

(in thousands except per share data)

The non-GAAP financial measures included in this release differ from financial measures determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items, as well as the exclusion of certain expenses and other items that are not reflective of the earnings generated from providing investment management and related services. Non-GAAP financial measures have material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures.

The following are reconciliations and related notes of the most comparable U.S. GAAP measure to each non-GAAP measure:

Contacts

Investor Relations Contact


Sean Rourke

(860) 263-4709

sean.rourke@Virtus.com

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Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress




Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress

First-Quarter Results

• First-quarter earnings of $748 million or $1.73 per share; adjusted earnings of $822 million or $1.90 per share
• $1.6 billion returned to shareholders through dividends and share repurchases
• Refining operated at 92% crude utilization
• Recently announced 10% increase to the quarterly dividend to $1.15 per common share
• Earned industry recognition for 2023 exemplary safety performance in Midstream, Refining and Chemicals

Strategic Priorities Highlights

• Returned $9.9 billion to shareholders through dividends and share repurchases since July 2022
• On track to achieve $1.4 billion of business transformation cost and sustaining capital savings by year-end 2024
• Launched process to divest retail marketing assets in Germany and Austria
• Commenced operations at Rodeo Renewable Energy Complex

HOUSTON–(BUSINESS WIRE)–Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced first-quarter earnings of $748 million, compared with earnings of $1.3 billion in the fourth quarter. Excluding special items of $74 million, the company had adjusted earnings of $822 million in the first quarter, compared with fourth-quarter adjusted earnings of $1.4 billion.

“In the first quarter, we progressed our strategic priorities and returned $1.6 billion to shareholders,” said Mark Lashier, president and CEO of Phillips 66. “While our crude utilization rates were strong, our results were affected by maintenance that limited our ability to make higher-value products. We were also impacted by the renewable fuels conversion at Rodeo, as well as the effect of rising commodity prices on our inventory hedge positions. The maintenance is behind us, our assets are currently running near historical highs and we are ready to meet peak summer demand.

“We recently launched a process to sell our retail marketing business in Germany and Austria, consistent with our plan to divest non-core assets. A major milestone was achieved with the startup of our Rodeo Renewable Energy Complex, positioning Phillips 66 as a world leader in renewable fuels.

“We remain committed to delivering increased value to our shareholders. We have returned $9.9 billion to shareholders through share repurchases and dividends since July 2022, on pace to meet our target of $13 billion to $15 billion by year-end 2024. Our strategic priorities put us on a clear path to achieve our $14 billion mid-cycle adjusted EBITDA target by 2025 and return over 50% of operating cash flows to shareholders.”

Midstream

Midstream first-quarter 2024 pre-tax income was $554 million, compared with $756 million in the fourth quarter of 2023. Results in the first quarter included a $59 million asset impairment. Fourth-quarter results included a $2 million tax benefit.

Transportation first-quarter adjusted pre-tax income was $302 million, compared with adjusted pre-tax income of $334 million in the fourth quarter. The decline mainly reflects a decrease in throughput and deficiency revenues, partially offset by seasonally lower maintenance costs.

NGL and Other adjusted pre-tax income was $306 million in the first quarter, compared with adjusted pre-tax income of $423 million in the fourth quarter. The decrease was mainly due to a decline in margins, as well as lower volumes reflecting impacts from winter storms.

In the first quarter, the fair value of the company’s investment in NOVONIX, Ltd. increased by $5 million, compared with a $3 million decrease in the fourth quarter.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals first-quarter 2024 reported and adjusted pre-tax income was $205 million, compared with fourth-quarter 2023 reported and adjusted pre-tax income of $106 million. The increase was mainly due to higher polyethylene margins driven by improved sales prices and a decline in feedstock costs, as well as lower turnaround costs.

Global olefins and polyolefins utilization was 96% for the quarter.

Refining

Refining first-quarter 2024 reported pre-tax income was $131 million, compared with pre-tax income of $814 million in the fourth quarter of 2023. Results in the first quarter included a $104 million asset impairment and a $7 million benefit related to a legal settlement. Fourth-quarter results included a $17 million tax benefit.

Adjusted pre-tax income for Refining was $228 million in the first quarter, compared with adjusted pre-tax income of $797 million in the fourth quarter. The decrease was primarily due to a decline in realized margins driven by less favorable commercial results, inventory hedging impacts and lower Gulf Coast clean product realizations.

Refining pre-tax turnaround expense for the first quarter was $160 million, including $36 million related to the Rodeo Renewable Energy Complex. The crude utilization rate was 92%, clean product yield was 84% and market capture was 69%.

Marketing and Specialties

Marketing and Specialties first-quarter 2024 pre-tax income was $404 million, compared with $432 million in the fourth quarter of 2023. Results in the first quarter included a $59 million benefit related to a legal settlement.

Adjusted pre-tax income for Marketing and Specialties was $345 million in the first quarter, compared with $432 million in the fourth quarter. The decrease in the first quarter was mainly due to lower domestic marketing and lubricant margins.

Corporate and Other

Corporate and Other first-quarter 2024 pre-tax costs were $330 million, compared with pre-tax costs of $347 million in the fourth quarter of 2023. Results in the fourth quarter included restructuring costs of $50 million.

Adjusted pre-tax costs were $330 million in the first quarter of 2024, compared with $297 million in the fourth quarter. Increased costs in the first quarter were mainly due to higher net interest expense.

Financial Position, Liquidity and Return of Capital

Cash used in operations was $236 million in the first quarter. Operating cash flow was $1.2 billion, excluding $1.4 billion of working capital impacts mainly due to inventory builds. The company had net debt issuances of $802 million.

During the first quarter, Phillips 66 funded $1.2 billion of share repurchases, $448 million in dividends and $628 million of capital expenditures and investments.

As of March 31, 2024, the company had $1.6 billion of cash and cash equivalents and $3.5 billion of committed capacity available under its credit facility. The company’s consolidated debt-to-capital ratio was 40% and its net debt-to-capital ratio was 38%. The company ended the quarter with 424 million shares outstanding.

Strategic Priorities and Business Update

Phillips 66 is executing its strategic priorities to increase mid-cycle adjusted EBITDA to $14 billion by 2025 and return over 50% of operating cash flow to shareholders. Since July 2022, the company has distributed $9.9 billion through share repurchases and dividends and is on pace to achieve its $13 billion to $15 billion target by year-end 2024.

Phillips 66 plans to monetize assets that no longer fit its long-term strategy. The company is progressing the potential divestiture of its retail marketing business in Germany and Austria. Completion of dispositions is subject to market and other conditions, including customary approvals.

The company achieved $1.24 billion in run-rate cost and sustaining capital savings through business transformation as of March 31, 2024. The company is targeting $1.4 billion in run-rate savings by the end of 2024.

Phillips 66 is capturing value from its Midstream NGL wellhead-to-market strategy. The company’s increased ownership of DCP Midstream has provided an incremental $1.25 billion toward its 2025 mid-cycle adjusted EBITDA target, including approximately $250 million of synergies. The company remains focused on capturing over $400 million of run-rate commercial and operating synergies by the end of 2024.

In Chemicals, CPChem is building world-scale petrochemical facilities with a joint-venture partner on the U.S. Gulf Coast and in Ras Laffan, Qatar. Both projects are expected to start up in 2026.

In Refining, the company continues to invest in high-return, low-capital projects to improve asset reliability and market capture. Since 2022, completed projects have added over 3% to market capture based on mid-cycle pricing.

During the first quarter, Phillips 66 achieved a significant milestone with the startup of the Rodeo Renewed project. The Rodeo Renewable Energy Complex is now producing 30,000 barrels per day of renewable fuels. The facility is on track to produce approximately 50,000 barrels per day (800 million gallons per year) of renewable fuels by the end of the second quarter, positioning Phillips 66 as a leader in renewable fuels.

The American Fuel and Petrochemical Manufacturers (AFPM) recognized four Phillips 66 refineries and two CPChem facilities for exemplary safety performance in 2023. The Rodeo and Sweeny facilities both received the Distinguished Safety Award, the highest annual safety award in the industry. This was Sweeny Refinery’s third consecutive year to receive the honor. The Ponca City Refinery earned the Elite Platinum Award, and the Lake Charles Refinery secured the Elite Gold Award. In Midstream, the company received the first-place Division I 2023 GPA Midstream Safety Award for its gathering and processing operations.

Investor Webcast

Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s first-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

<sup>CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995</sup>

^{This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “adjusted EBITDA,” “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: fluctuations in NGL, crude oil, refined petroleum product and natural gas prices, and refining, marketing and petrochemical margins; changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; our ability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; our ability to achieve the expected benefits of the integration of DCP Midstream, LP, including the realization of synergies; the success of the company’s business transformation initiatives and the realization of savings and cost reductions from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, asset dispositions or acquisitions that we may pursue; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted pre-tax costs,” “adjusted earnings per share,” “operating cash flow, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.}

^{This news release also includes the term “mid-cycle adjusted EBITDA,” which is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Mid-cycle adjusted EBITDA is defined as the average adjusted EBITDA generated over a complete economic cycle. Mid-cycle adjusted EBITDA estimates or targets depend on future levels of revenues and expenses, including amounts that will be attributable to noncontrolling interests, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation of projected mid-cycle adjusted EBITDA to consolidated net income or segment income before income taxes without unreasonable effort.}

^{References in the release to earnings refer to net income attributable to Phillips 66. References in the release to shareholder distributions refers to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to run-rate cost savings includes cost savings and references to run-rate synergies include costs savings and other benefits that will be reflected in the sales and other operating revenues, purchased crude oil and products costs, operating expenses, selling, general and administrative expenses and equity in earnings of affiliates lines on our consolidated statement of income when realized. References to run-rate sustaining capital savings includes savings that will be reflected in the capital expenditures and investments on our consolidated statement of cash flows when realized. References to run-rate savings represent the sum of run-rate cost savings and run-rate sustaining capital savings.}