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Phillips 66 PSX Refining — Impairments
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Where this comes from
Reported directly by Phillips 66 in its filing.
Tagged under the XBRL concept us-gaap:AssetImpairmentCharges.
The source filing: Phillips 66’s 10-Q, filed August 5, 2026.
- Filed
- Aug 5, 2026, 4:43 PM EDT
- Fiscal quarter
- Q2 FY2026
- Calendar quarter
- Q2 2026
- Accession
- 0001534701-26-000032
| Line item | Millions of Dollars / Operating Segments / Midstream | Millions of Dollars / Operating Segments / Chemicals | Millions of Dollars / Operating Segments / Refining | Millions of Dollars / Operating Segments / M&S | Millions of Dollars / Operating Segments / Renewable Fuels | Millions of Dollars / Corporate and Other | Millions of Dollars / Consolidating Adjustments | Millions of Dollars / Total Consolidated |
|---|---|---|---|---|---|---|---|---|
| Operating expenses* | 568 | 1 | 1,144 | 22 | 79 | 27 | (31) | 1,810 |
| Selling, general and administrative expenses* | 54 | (2) | 25 | 332 | 19 | 110 | — | 538 |
| Depreciation and amortization | 284 | — | 221 | 26 | 24 | 30 | — | 585 |
| Impairments | — | — | 1 | — | — | 8 | — | 9 |
| Taxes other than income taxes | 60 | — | 88 | 2 | (41) | 18 | — | 127 |
| Interest and debt expense | — | — | — | — | — | 314 | — | 314 |
| Other segment items** | 3 | — | 18 | (1) | (1) | 7 | — | 26 |
| Total Costs and Expenses | 5,608 | (1) | 32,950 | 31,735 | 2,154 | 514 | (25,887) | 47,073 |
Item 1. FINANCIAL STATEMENTS
FAQ
- What is Phillips 66's refining — impairments?
- Phillips 66 (PSX) reported refining — impairments of $1M in Q2 2026.
- How has Phillips 66's refining — impairments changed year-over-year?
- Phillips 66's refining — impairments decreased by 66.7% year-over-year, from $3M to $1M.
- What is the long-term trend for Phillips 66's refining — impairments?
- Over 3 years (2021 to 2025), Phillips 66's refining — impairments has grown at a -9.5% compound annual growth rate (CAGR), from $1.29B to $955M.
- What does refining — impairments mean?
- This reflects non-cash charges taken when the carrying value of refining assets exceeds their recoverable amount. Impairments are often triggered by changes in market conditions, regulatory shifts, or the strategic decision to retire or convert facilities. It serves as a signal of asset value erosion or strategic pivots in the refining portfolio.
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