Subtext

Phillips 66 PSX

SectorEnergy
Transcripts52
Date range2012-08-02 – 2025-04-25
Calls charted52

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-13-6+0+6+132012 Q22014 Q12015 Q42017 Q32019 Q22021 Q12022 Q42024 Q32012 Q2 · Overall: +11.32012 Q3 · Overall: +7.42012 Q4 · Overall: +6.02013 Q1 · Overall: +6.42013 Q2 · Overall: +0.32013 Q3 · Overall: +9.32013 Q4 · Overall: +9.32014 Q1 · Overall: +7.12014 Q2 · Overall: +5.42014 Q3 · Overall: +8.02014 Q4 · Overall: +6.62015 Q1 · Overall: +5.92015 Q2 · Overall: +5.02015 Q3 · Overall: +7.52015 Q4 · Overall: +4.72016 Q1 · Overall: +1.12016 Q2 · Overall: +4.92016 Q3 · Overall: +4.22016 Q4 · Overall: +5.12017 Q1 · Overall: +8.72017 Q2 · Overall: +9.82017 Q3 · Overall: +4.82017 Q4 · Overall: +7.52018 Q1 · Overall: +4.22018 Q2 · Overall: +9.82018 Q3 · Overall: +4.52018 Q4 · Overall: +5.72019 Q1 · Overall: -2.22019 Q2 · Overall: +1.82019 Q3 · Overall: +5.32019 Q4 · Overall: +9.52020 Q1 · Overall: +0.62020 Q2 · Overall: -0.52020 Q3 · Overall: +1.42020 Q4 · Overall: -1.62021 Q1 · Overall: -3.02021 Q2 · Overall: +1.62021 Q3 · Overall: +5.32021 Q4 · Overall: +8.62022 Q1 · Overall: +8.62022 Q2 · Overall: +11.22022 Q3 · Overall: -0.82022 Q4 · Overall: +2.42023 Q1 · Overall: +9.22023 Q2 · Overall: +8.92023 Q3 · Overall: +8.72023 Q4 · Overall: +7.62024 Q1 · Overall: +0.82024 Q2 · Overall: +8.92024 Q3 · Overall: +9.92024 Q4 · Overall: +9.42025 Q1 · Overall: +3.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282012 Q22014 Q12015 Q42017 Q32019 Q22021 Q12022 Q42024 Q32012 Q2 · CEO: +16.42012 Q4 · CEO: +10.92013 Q1 · CEO: +5.42013 Q2 · CEO: +5.32013 Q3 · CEO: +16.92013 Q4 · CEO: +10.82014 Q1 · CEO: +12.92014 Q2 · CEO: +11.32014 Q3 · CEO: +15.22014 Q4 · CEO: +15.22015 Q1 · CEO: +7.12015 Q2 · CEO: +6.82015 Q3 · CEO: +14.62015 Q4 · CEO: +15.32016 Q1 · CEO: +11.12016 Q2 · CEO: +6.62016 Q3 · CEO: +12.22016 Q4 · CEO: +10.52017 Q1 · CEO: +16.22017 Q2 · CEO: +8.62017 Q3 · CEO: +4.52017 Q4 · CEO: +9.72018 Q1 · CEO: +9.32018 Q2 · CEO: +11.92018 Q3 · CEO: +9.72020 Q1 · CEO: +6.32020 Q2 · CEO: +0.92020 Q3 · CEO: +3.72021 Q3 · CEO: +16.52021 Q4 · CEO: +13.82022 Q1 · CEO: +13.92022 Q2 · CEO: +20.72022 Q3 · CEO: +2.22022 Q4 · CEO: +7.72023 Q1 · CEO: +22.62023 Q2 · CEO: +15.22023 Q3 · CEO: +24.42023 Q4 · CEO: +23.72024 Q1 · CEO: +4.92024 Q2 · CEO: +20.32024 Q3 · CEO: +17.52024 Q4 · CEO: +20.02025 Q1 · CEO: +10.82012 Q2 · CFO: +17.62013 Q1 · CFO: +14.02013 Q2 · CFO: -1.72013 Q3 · CFO: +7.22014 Q1 · CFO: +9.12014 Q2 · CFO: +4.42014 Q3 · CFO: +12.22014 Q4 · CFO: +10.72015 Q1 · CFO: +6.02015 Q2 · CFO: +4.02015 Q3 · CFO: +9.52015 Q4 · CFO: -2.62016 Q1 · CFO: +2.02016 Q2 · CFO: +6.52016 Q3 · CFO: +6.62016 Q4 · CFO: +2.22017 Q1 · CFO: +12.72017 Q2 · CFO: +9.62017 Q3 · CFO: +1.32017 Q4 · CFO: +9.52018 Q1 · CFO: +11.52018 Q2 · CFO: +7.42018 Q3 · CFO: +3.82018 Q4 · CFO: +16.12019 Q1 · CFO: +5.52019 Q2 · CFO: +4.62019 Q3 · CFO: +6.12019 Q4 · CFO: +15.92020 Q1 · CFO: -6.12020 Q2 · CFO: +7.92020 Q3 · CFO: -0.62020 Q4 · CFO: -6.02021 Q1 · CFO: -2.92021 Q2 · CFO: +1.52021 Q3 · CFO: +5.02021 Q4 · CFO: +10.32022 Q1 · CFO: +4.52022 Q2 · CFO: +4.22022 Q3 · CFO: +5.72022 Q4 · CFO: +2.12023 Q1 · CFO: +2.22023 Q2 · CFO: +6.32023 Q3 · CFO: +6.62023 Q4 · CFO: +8.02024 Q1 · CFO: +3.22024 Q2 · CFO: +9.52024 Q3 · CFO: +8.72024 Q4 · CFO: +11.62025 Q1 · CFO: +7.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-27-13+0+13+272012 Q22014 Q12015 Q42017 Q32019 Q22021 Q12022 Q42024 Q32012 Q2 · Prepared remarks: +23.42012 Q3 · Prepared remarks: +10.02012 Q4 · Prepared remarks: +14.22013 Q1 · Prepared remarks: +16.62013 Q2 · Prepared remarks: -0.82013 Q3 · Prepared remarks: +9.12013 Q4 · Prepared remarks: +12.82014 Q1 · Prepared remarks: +10.82014 Q2 · Prepared remarks: +5.62014 Q3 · Prepared remarks: +18.02014 Q4 · Prepared remarks: +14.32015 Q1 · Prepared remarks: +6.62015 Q2 · Prepared remarks: +6.92015 Q3 · Prepared remarks: +12.82015 Q4 · Prepared remarks: +6.12016 Q1 · Prepared remarks: +9.62016 Q2 · Prepared remarks: +13.62016 Q3 · Prepared remarks: +9.22016 Q4 · Prepared remarks: +5.52017 Q1 · Prepared remarks: +14.32017 Q2 · Prepared remarks: +15.92017 Q3 · Prepared remarks: +1.02017 Q4 · Prepared remarks: +10.12018 Q1 · Prepared remarks: +11.52018 Q2 · Prepared remarks: +13.82018 Q3 · Prepared remarks: +7.72018 Q4 · Prepared remarks: +6.62019 Q1 · Prepared remarks: -1.92019 Q2 · Prepared remarks: +2.12019 Q3 · Prepared remarks: +8.62019 Q4 · Prepared remarks: +19.52020 Q1 · Prepared remarks: -1.82020 Q2 · Prepared remarks: -0.32020 Q3 · Prepared remarks: -3.02020 Q4 · Prepared remarks: +3.42021 Q1 · Prepared remarks: -2.62021 Q2 · Prepared remarks: +6.02021 Q3 · Prepared remarks: +21.92021 Q4 · Prepared remarks: +18.22022 Q1 · Prepared remarks: +9.02022 Q2 · Prepared remarks: +11.52022 Q3 · Prepared remarks: +7.92022 Q4 · Prepared remarks: +9.22023 Q1 · Prepared remarks: +13.02023 Q2 · Prepared remarks: +8.62023 Q3 · Prepared remarks: +10.22023 Q4 · Prepared remarks: +17.52024 Q1 · Prepared remarks: +9.62024 Q2 · Prepared remarks: +10.12024 Q3 · Prepared remarks: +11.12024 Q4 · Prepared remarks: +14.32025 Q1 · Prepared remarks: +15.02012 Q2 · Q&A responses: +9.42012 Q3 · Q&A responses: +7.02012 Q4 · Q&A responses: +5.22013 Q1 · Q&A responses: +4.22013 Q2 · Q&A responses: +3.62013 Q3 · Q&A responses: +13.72013 Q4 · Q&A responses: +10.02014 Q1 · Q&A responses: +11.42014 Q2 · Q&A responses: +11.02014 Q3 · Q&A responses: +10.92014 Q4 · Q&A responses: +10.12015 Q2 · Q&A responses: +6.42015 Q3 · Q&A responses: +10.02015 Q4 · Q&A responses: +6.12016 Q1 · Q&A responses: +0.72016 Q2 · Q&A responses: +5.72016 Q3 · Q&A responses: +4.72016 Q4 · Q&A responses: +8.02017 Q1 · Q&A responses: +9.32017 Q2 · Q&A responses: +11.22017 Q3 · Q&A responses: +6.32017 Q4 · Q&A responses: +7.82018 Q1 · Q&A responses: +8.82018 Q2 · Q&A responses: +9.42018 Q3 · Q&A responses: +4.22019 Q3 · Q&A responses: +5.72019 Q4 · Q&A responses: +8.92020 Q1 · Q&A responses: +6.12020 Q3 · Q&A responses: +2.82020 Q4 · Q&A responses: -3.92021 Q1 · Q&A responses: +1.12021 Q2 · Q&A responses: +1.62021 Q3 · Q&A responses: +3.82021 Q4 · Q&A responses: +10.02022 Q3 · Q&A responses: -1.02022 Q4 · Q&A responses: +0.32023 Q1 · Q&A responses: +9.12023 Q2 · Q&A responses: +13.42023 Q3 · Q&A responses: +7.52023 Q4 · Q&A responses: +7.72024 Q1 · Q&A responses: +2.92024 Q2 · Q&A responses: +14.32024 Q3 · Q&A responses: +12.52024 Q4 · Q&A responses: +13.52025 Q1 · Q&A responses: +3.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.49$9.02$15.562012 Q22014 Q12015 Q42017 Q32019 Q22021 Q12022 Q42024 Q32014 Q1: $7.502014 Q2: $7.682014 Q3: $7.292014 Q4: $6.992015 Q1: $6.762015 Q2: $6.762015 Q3: $6.872015 Q4: $7.362016 Q1: $6.592016 Q2: $6.212016 Q3: $5.042016 Q4: $5.482017 Q1: $4.902017 Q2: $5.252017 Q3: $5.432017 Q4: $6.342018 Q1: $7.212018 Q2: $8.222018 Q3: $9.462018 Q4: $9.842019 Q1: $9.232019 Q2: $8.952019 Q3: $9.762019 Q4: $10.732020 Q1: $8.262020 Q2: $4.412020 Q3: $4.062020 Q4: $3.392021 Q1: $4.002021 Q2: $4.862021 Q3: $4.862021 Q4: $6.892022 Q1: $7.712022 Q2: $10.302022 Q3: $12.752022 Q4: $14.062023 Q1: $14.652023 Q2: $12.772023 Q3: $13.912023 Q4: $13.182024 Q1: $14.032024 Q2: $12.782024 Q3: $11.292024 Q4: $8.97

Forward P/E

3.9213.3022.682012 Q22014 Q12015 Q42017 Q32019 Q22021 Q12022 Q42024 Q32014 Q1: 10.452014 Q2: 11.002014 Q3: 11.752014 Q4: 9.782015 Q1: 11.552015 Q2: 11.652015 Q3: 11.522015 Q4: 11.292016 Q1: 13.282016 Q2: 12.742016 Q3: 15.282016 Q4: 15.772017 Q1: 16.372017 Q2: 15.022017 Q3: 15.912017 Q4: 15.772018 Q1: 13.062018 Q2: 14.072018 Q3: 11.562018 Q4: 8.652019 Q1: 10.622019 Q2: 9.792019 Q3: 10.552019 Q4: 10.532020 Q1: 5.212020 Q2: 16.542020 Q3: 14.892020 Q4: 19.852021 Q1: 21.392021 Q2: 18.672021 Q3: 13.582021 Q4: 10.242022 Q1: 9.922022 Q2: 9.942022 Q3: 6.752022 Q4: 7.202023 Q1: 6.392023 Q2: 7.502023 Q3: 8.852023 Q4: 9.652024 Q1: 11.012024 Q2: 10.632024 Q3: 11.542024 Q4: 12.44

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↑ +2.7 fwd EPS ↓ -0.39 Tone rose while the forward EPS estimate was cut.
  • 2015 Q4 tone ↓ -2.8 fwd EPS ↑ +0.49 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↑ +3.8 fwd EPS ↓ -0.38 Tone rose while the forward EPS estimate was cut.
  • 2017 Q1 tone ↑ +3.6 fwd EPS ↓ -0.58 Tone rose while the forward EPS estimate was cut.
  • 2017 Q3 tone ↓ -5.0 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -3.4 fwd EPS ↑ +0.87 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -5.3 fwd EPS ↑ +1.23 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↑ +4.0 fwd EPS ↓ -0.29 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↓ -12.0 fwd EPS ↑ +2.45 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -6.7 fwd EPS ↑ +0.85 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↑ +8.1 fwd EPS ↓ -1.26 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-25+3.5——View →
2024 Q42025-01-31+9.4$8.9712.4View →
2024 Q32024-10-29+9.9$11.2911.5View →
2024 Q22024-07-30+8.9$12.7810.6View →
2024 Q12024-04-26+0.8$14.0311.0View →
2023 Q42024-01-31+7.6$13.189.7View →
2023 Q32023-10-27+8.7$13.918.8View →
2023 Q22023-08-02+8.9$12.777.5View →