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- Phillips 66 raises quarterly dividend 4 . 7 % to $1 . 33 a share
Phillips 66 (NYSE: PSX) raised its quarterly dividend 4.7% to $1.33 a share from $1.27, announced on October 16, 2026. The dividend is payable December 1, 2026 to shareholders of record as of November 17, 2026. Earnings have swung sharply: net income was $133m in Q3 2025 versus $3.847bn in Q2 2026, and diluted EPS was $0.32 against $9.55. Debt also rose in early 2026, from $19.7bn at the end of December 2025 to $27.1bn at the end of March 2026. Shares closed at $293.02 on October 16, up 0.4% on the day.
- Shell nearly doubles quarterly profit year-on-year as refining margins soar to record high
Shell reported quarterly adjusted earnings of $10.8 billion, nearly doubling from $5.4 billion a year earlier, driven by higher commodity prices and a global squeeze on refined products amid the Middle East conflict and the Russia-Ukraine war. The result beat the $9.92 billion analysts expected, according to an LSEG-compiled consensus. Indicative refining margins reached $42 per barrel, well above the previous record of $28.04 per barrel in the second quarter of 2022. The company also announced a $5 billion share buyback for the next three months.
- U.S. oil-refinery stocks are up roughly 150% this year. How long could this historic run last?
- Morgan Stanley Sees Refinery Outages Rising by 3 . 4 Million Barrels a Day
Morgan Stanley’s October 20 outlook projects that daily refinery capacity sidelined for planned work will rise by 3.4 million barrels by the second quarter of 2027. The increase reflects maintenance postponed during a period of strong refining margins, which leaves more work for later. The bank says this deferred maintenance could limit fuel availability even if war-related disruptions ease, making inventory recovery a key factor. It expects refinery output to improve late in 2026, but its outlook puts fourth-quarter gasoil supply below demand, with a possible surplus in early 2027 that may not restore all lost stocks. The forecast covers planned refinery work only, not all fuel exports or total global supply.
- Global diesel crisis turns oil refineries into profit machines
A global diesel shortage is pushing some major refiners toward record profits, even as higher fuel prices raise transport costs, inflation and pressure on households and businesses. The Guardian investigation, citing International Energy Agency warnings, says supply has fallen by about one million barrels a day compared with 2025 after refinery damage in the Middle East and Russia and restrictions on Chinese exports. TotalEnergies' refining and chemicals income more than quadrupled to $1.8 billion from April to June, and Shell expects refining margins near $42 per barrel for July–September, up from $24. The IEA says the shortage could last into 2027 and that the push for more diesel could later create a surplus and shift the next shortage to petrol.
- ExxonMobil’s Refining Profits Are Set to Jump $4.5 Billion. Here’s What XOM Investors Need to Know.
ExxonMobil expects strong refining margins to add $4.5 billion to its energy products segment earnings in the third quarter, after $400 million of external impacts is subtracted. Changes in scheduled maintenance and the extra days in the quarter should add back $300 million. As a result, the segment's earnings are expected to more than double from the second quarter's $4.1 billion, and adjusted company earnings are estimated at about $15.1 billion versus $14.7 billion in the second quarter. The article argues that Exxon's integrated model offset lower oil prices, and that refiners such as Phillips 66, whose stock has more than doubled this year, also benefit. Exxon has raised its dividend for 43 straight years, and its full third-quarter report is scheduled for Oct. 30.
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Microsoft and Alphabet both rent computing power to AI labs and hold stakes in them, but this quarter Microsoft gained while Alphabet lost: Microsoft shares rose about 2% after hours, while Alphabet fell nearly 10%. OpenAI paid Microsoft $10 billion in the quarter ended September, about 11% of its $92 billion revenue, but unpaid OpenAI bills rose to about $7 billion and Microsoft's backlog slipped to about $677 billion. Alphabet's holdings, including about 14% of Anthropic and a stake in SpaceX, produced a nearly $9 billion loss that cut earnings by $0.55 a share to $2.12. Alphabet spent $51 billion on data centers and equipment and burned about $9 billion in free cash flow for a second straight quarter, funding the gap with $29 billion of bonds and $12 billion of new shares. Google Cloud revenue doubled to about $31 billion, and its backlog rose to $561 billion from $514 billion.
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- Earnings from Amazon, Eli Lilly, and Starbucks: What to Watch
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- Wall Street Has Written Off Lennar. Here's Why That's a Mistake.
Lennar stock is down 20% year-to-date and 34% over the past year, as its quarter ended Aug. 31 saw revenue fall 9% to $8 billion and earnings drop 49% to $1.19 per share, both below estimates. CEO Stuart Miller blamed inflation, mortgage rates around 6.8% at quarter-end and weaker consumer confidence, and Lennar expects 19,500 to 20,500 new orders next quarter versus 20,879 in Q3. After the report, several analysts cut price targets, and the median target of $72.50 implies a 15% drop from $84; 48% of analysts rate the stock a sell. Berkshire Hathaway added about 3 million shares in Q2, a 30% increase, raising its stake to about 5.5%. The author argues the stock may be near a cyclical bottom and suggests long-term investors could wait for more economic clarity.
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