Phillips 66 (PSX) stock is soaring 5.04% intraday on Wednesday, driven by the company's release of better-than-expected fourth-quarter financial results.

The downstream energy provider reported adjusted earnings per share of $2.47, surpassing the analyst consensus estimate of $2.16. Quarterly revenue reached $36.33 billion, also beating expectations. The results mark a significant swing from a loss in the prior-year period, lifted by a rebound in U.S. refining margins from multi-year lows.

Operational achievements supported the strong performance, including record NGL transportation and fractionation volumes, and refining crude capacity utilization of 99%. The company's realized margin more than doubled in the quarter. Management cited a transformative year, including portfolio enhancements and debt reduction, as factors contributing to the robust quarterly finish.