Refiner Phillips 66 posts surprise profit on higher refining margins

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April 29, 2026 7:14 AM EDT

FILE PHOTO: A Phillips 66 gasoline station in St. Louis, Missouri January 14, 2015. REUTERS/Kate Munsch/File Photo

April 29 (Reuters) - Phillips ‌66 ​posted ​a surprise first-quarter adjusted profit on Wednesday, helped by higher refining ‌margins for its products.

U.S. Gulf Coast ⁠refiners are reaping their strongest margins in years, ‌as disruptions to Middle ‌Eastern oil flows due to the Iran war have driven up demand ​for U.S. fuel exports.

Quarterly U.S. refinery margins, measured by the 3-2-1 crack ⁠spread, were up about 73% on an average in the ​first quarter from a year earlier.

Phillips 66's realized margin was up ​at $10.11 per barrel in ‌the quarter, compared with $6.81 per barrel a year earlier.

The company's refining ⁠segment reported adjusted earnings of $208 million, compared with a loss of $937 million a year ⁠earlier.

Shares of the company were up nearly 2% ​in premarket trading.

The Houston, Texas-based company reported an adjusted profit of 49 cents per share ‌for the three months ended March 31, compared with analysts' average ‌estimate of a loss of 40 ⁠cents per share, ‌according to data ​compiled by LSEG.

(Reporting by Pooja Menon in Bengaluru; Editing by Shinjini ‌Ganguli)


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