What is Phillips 66's midstream — impairments?

Phillips 66 (PSX) reported midstream — impairments of $4M in Q1 2026.

What is the long-term trend for Phillips 66's midstream — impairments?

Over 3 years (2021 to 2025), Phillips 66's midstream — impairments has grown at a -27.7% compound annual growth rate (CAGR), from $209M to $79M.

What does midstream — impairments mean?

Charges recognized when the carrying value of midstream assets exceeds their fair market value, indicating a decline in the expected future economic benefit of those assets. This often reflects changes in market conditions, regulatory environments, or asset performance.

Phillips 66 PSX Midstream — Impairments

Other segment segments

Refining

$2M+100%

Renewable Fuels

$2M—

Chemicals

$0—

M&S

$0—

Similar metrics at other companies

AMImpairment Charges

$85.64M—

MTD

MTDRMidstream — Unrealized (loss) gain on derivatives

$0—

MPCMidstream — Accumulated Depreciation

$12.02B+8.3%

MTD

MTDRMidstream — Depreciation, Depletion and Amortization

$17M+40.5%

ARAntero Midstream — Impairment Of Long Lived Assets To Be Disposed Of

$21.66M—

MTD

MTDRMidstream — Realized (loss) gain on derivatives

$0—

Other financials

Income statement

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Revenue$32.5B+6.9%

Gross profit$3.3B+20.0%

Net income$207.0M-57.5%

EPS (diluted)$0.51-56.8%

Balance sheet

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Cash & equivalents$5.2B+246%

Total debt$21.7B+0.7%

Total equity$28.5B+4.6%

Total assets$84.1B+17.0%

Cash flow

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Operating cash flow-$2.3B-1,311%

Valuation

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Market cap$68.86B+35.5%

P/E16.7×-10.7×

P/S0.5×+0.1×

Profitability

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Gross margin12.5%+3.4pp

Net margin3.1%+1.7pp

Returns & leverage

See full

Return on equity14.8%+8.3pp

Debt / equity0.7×0.0×

Current ratio1.1×-0.1×

Where this comes from

Reported directly by Phillips 66 in its filing.

Tagged under the XBRL concept us-gaap:AssetImpairmentCharges.

The official record: Phillips 66’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Phillips 66's midstream — impairments?: Phillips 66 (PSX) reported midstream — impairments of $4M in Q1 2026.
What is the long-term trend for Phillips 66's midstream — impairments?: Over 3 years (2021 to 2025), Phillips 66's midstream — impairments has grown at a -27.7% compound annual growth rate (CAGR), from $209M to $79M.
What does midstream — impairments mean?: Charges recognized when the carrying value of midstream assets exceeds their fair market value, indicating a decline in the expected future economic benefit of those assets. This often reflects changes in market conditions, regulatory environments, or asset performance.