PSX 8-K SEC Filing Analysis

Latest settled — T+20d

PSX ▲ +2.16% at T+20d

SHORT call ✗ call lost -2.16% · α vs SPY +7.62% · entry $174.70 → $178.47

Next anchor: T+60d in 5w

Last close $177.69 (close May 22) · -1.71% from $174.70 entry (call sign-flipped)

Entry anchored
Apr 6, 03:59 PM ET
via Databento tick

T+1d

-3.84%

call +3.84% · α +6.37%

$168.00

settled 7w ago

T+5d

-9.12%

call +9.12% · α +14.45%

$158.76

settled 6w ago

T+20d

+2.16%

call -2.16% · α +7.62%

$178.47

settled 20d ago

T+60d

—

call — · α —

—

in 5w

Price Chart

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Executive Summary

Phillips 66 issued preliminary Q1 2026 guidance citing $900M in pre-tax mark-to-market losses due to rising commodity prices, with estimated segment losses in Refining, Marketing & Specialties, and Renewable Fuels. The company drew down liquidity measures including a $2.25B term loan to manage cash collateral outflows.

Actionable Insight

Monitor final Q1 2026 results for confirmation of mark-to-market impacts and liquidity usage; the sharp increase in commodity prices has created a headwind despite stable operations, and the new term loan increases near-term leverage.

Key Facts

Preliminary Q1 2026 results impacted by ~$900M in pre-tax mark-to-market losses due to rising commodity prices
Refining segment to report $350-450M in mark-to-market losses, Marketing & Specialties $300-400M, Renewable Fuels $100-200M
Company faced ~$3B cash collateral outflow on derivatives, leading to drawdowns on credit lines and a new $2.25B 364-day term loan
Guidance shows Midstream earnings $550-600M, Refining loss $400-200M, Marketing & Specialties loss $170-20M, and Chemicals $80-130M

Financial Impact

Approximately $900M in pre-tax mark-to-market losses impacting Q1 2026 results, with significant cash collateral outflows of ~$3B

epsrevenueliquiditydebtcashFlow

Risk Factors

Commodity price volatility continues to create mark-to-market headwinds despite economic hedging
Increased leverage from new $2.25B term loan and potential for further collateral calls if prices rise

Market Snapshot

Exchange

NYSE

Sector

Petroleum Refining

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001534701-26-000015
Document: psx-20260406.htm	0001534701-26-000015
Document: 0001534701-26-000015-index-headers.html	0001534701-26-000015
Document: 0001534701-26-000015-index.html	0001534701-26-000015
Document: 0001534701-26-000015.txt	0001534701-26-000015
8-K Data (Synthetic)	0001534701-26-000015

6 reports for PSX

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for PSX — sortable, filterable
	Type				Now
May 11, 2026 12d ago	144 NEUTRAL ★ 2/10	$175.43 $179.80	▲ +2.49%	▲ +2.41%	$177.69 (+1.29%)
Apr 29, 2026 24d ago	8-K BULLISH ★ 7/10	—	awaiting T+5	—	—
Apr 6, 2026 6w ago	8-K BEARISH ★ 7/10	$174.70 $158.76	▲ +9.12%	▲ +14.45%	$177.69 (−1.71%)
Apr 2, 2026 7w ago	DEFA14A NEUTRAL ★ 5/10	$176.21 $159.25	▼ −9.62%	▼ −13.24%	$177.69 (+0.84%)
Mar 12, 2026 10w ago	Insider Cluster BEARISH ★ 6/10	$174.09 $181.29	▼ −4.14%	▼ −5.11%	$177.69 (−2.07%)
Mar 12, 2026 10w ago	Insider Cluster BEARISH ★ 6/10	$174.09 $178.34	▼ −2.44%	▼ −3.42%	$177.69 (−2.07%)

US Market Status

Market Closed — Opens Tue (34h 51m)

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