Why Phillips 66 (PSX) Is Up 8.2% After Surprising Q1 Profit And Dividend Hike – And What's Next

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Phillips 66 (PSX) reported surprising Q1 2026 adjusted profits despite mark-to-market losses, driven by resilient refining performance. The company increased its quarterly dividend by 7% and plans significant cash returns to shareholders, while also advancing long-term projects like the Western Gateway Pipeline to ensure future cash generation. The article emphasizes PSX’s strategy of combining immediate cash returns with long-term infrastructure growth to navigate volatile commodity markets.

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