What does refining — transfer of gross PP&E between segments mean?

The historical cost value of assets reclassified or transferred into or out of the refining segment from other business segments. This reflects internal organizational changes, such as repurposing assets for different business lines like renewables or midstream. It is essential for reconciling changes in segment-level capital bases.

Phillips 66 PSX Refining — Transfer of gross PP&E between segments

Similar metrics at other companies

VLORefining — Segment assets

$47.51B+3.8%

DKRefining — Segment, Expenditure, Addition to Long-Lived Assets

$171.9M+206%

PARRRefining — Segment, Expenditure, Addition to Long-Lived Assets

$31.95M-5.9%

MPCRefining & Marketing — Gross PP&E

$34.66B+4.2%

DKRefining — Other segment items

-$700K+77.4%

PARRRefining Segment — Total Assets

$130.3M—

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

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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 psx:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortizationTransfers.

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 refining — transfer of gross PP&E between segments?: Phillips 66 (PSX) reported refining — transfer of gross PP&E between segments of $2.97B in Q1 2026.
What does refining — transfer of gross PP&E between segments mean?: The historical cost value of assets reclassified or transferred into or out of the refining segment from other business segments. This reflects internal organizational changes, such as repurposing assets for different business lines like renewables or midstream. It is essential for reconciling changes in segment-level capital bases.