Phillips 66 Misses First-Quarter Profit Estimates on Weak Margins
Reuters04-26
April 26 (Reuters) - Refiner Phillips 66 missed quarterly profit estimates on Friday, hurt by a slump in refining margins following a decline in fuel prices. The shares dropped 5.8% in premarket trading.
Refiner margins scaled back from the peaks achieved after Russia's invasion of Ukraine in 2022, amid a rise in global refining capacity.
The company said its realized margins fell to $10.91 per barrel in the first quarter from $20.72 per barrel a year earlier.
The Houston-based company reported adjusted earnings of $1.90 per share for the three months ended March 31, compared with analysts' estimates of $2.17 per share, according to LSEG data.
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