Phillips 66 Posts Surprise Profit on Higher Margins
The refiner reported an adjusted profit of 49 cents per share, beating analyst estimates of a loss. Higher margins driven by export demand boosted its earnings.
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PHILLIPS 66 reported a surprise Q1 adjusted profit of $0.49 per share, beating LSEG estimates of a $0.40 per share loss. Refining segment earnings reached $208 million, reversing a $937 million loss recorded during the same period last year. High refining margins allow United States refiners to capitalize on global fuel shortages caused by geopolitical instability.
Realized refining margins for Phillips 66 rose to $10.11 per barrel from $6.81 per barrel a year earlier. Shares of the company rose nearly 2% during premarket trading on Wednesday morning.
