Phillips 66 (PSX) reported a 19.6% YoY increase in Q3 2023 adjusted EPS, but fell short of consensus estimates. Revenue exceeded consensus, reaching $40.23 billion. The company announced a $5 billion share repurchase authorization, in addition to the remaining $3.1 billion from a previous authorization. PSX also plans to sell non-core assets, expecting to generate over $3 billion in proceeds. Despite the earnings beat, PSX shares are trading lower by 1.91% in premarket trading.