Phillips 66's (PSX) Q2 earnings benefit from record NGL volumes and peak refining crude utilization, partially offset by increased total costs and expenses.
Refiner Phillips 66 posted a fall in quarterly profit on Tuesday, hurt by a slump in margins due to a tepid summer driving season and a rise in global refining capacity.
Phillips 66 (PSX) concluded the recent trading session at $142.21, signifying a -0.21% move from its prior day's close.
Refining turnaround costs and higher input expenses are likely to have hurt Phillips 66's (PSX) Q2 earnings.
Phillips 66 (PSX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Phillips 66 has been working to restore investor confidence after a historically bad year in 2020. The company has a clear plan for generating higher earnings and operating cash flow.
After a thorough competitive evaluation, Phillips 66 (PSX) selects Cohesity DataProtect to consolidate its data protection efforts into a single, unified platform.
The latest trading day saw Phillips 66 (PSX) settling at $138.64, representing a +1.26% change from its previous close.
Phillips 66 stock has declined by 23% since April due to concerns about the refining cycle and relative valuation. Despite recent weakness, Phillips 66 is the most diversified of the three large US refiners, aiming to generate the majority of EBITDA away from refining. Recent performance has been impacted by narrowing crack spreads, but signs of improvement in product demand and the Hurricane Season should support wider spreads.
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Phillips 66's (PSX) Rodeo refinery in California uses lower carbon intensity feedstocks, which are processed via new pre-treatment units to convert them into renewable fuels.
The latest trading day saw Phillips 66 (PSX) settling at $139.40, representing a -0.27% change from its previous close.