Phillips 66 (PSX)
- Zacks
Phillips 66 (PSX) Q1 Earnings Miss Estimates
Phillips 66 (PSX) delivered earnings and revenue surprises of -7.32% and 17.35%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?
- Reuters
UPDATE 2-Phillips 66 misses first-quarter profit estimates on weaker margins
Refiner margins have scaled back from the peaks achieved after Russia's invasion of Ukraine in 2022, amid a rise in global refining capacity that has led to a drop in fuel prices. The company said its realized margins fell about 47% to $10.91 per barrel in the first quarter from a year earlier, led by nearly a 50% decline in Gulf Coast margins. The decline comes amid a push from activist investor Elliott, which revealed a $1 billion stake in the company last year, to address underperformance in refining and speed up cost cuts.
- Reuters
Phillips 66 misses first-quarter profit estimates on weaker margins
Refiner margins have scaled back from the peaks achieved after Russia's invasion of Ukraine in 2022, amid a rise in global refining capacity that has led to a drop in fuel prices. The company said its realized margins slumped about 47% to $10.91 per barrel in the first quarter from a year earlier, led by nearly a 50% decline in Gulf Coast margins. Shares of the refiner were down nearly 3% on Friday.
