Phillips 66 Trumps Earnings Estimates As Refining Margins Rise ...Middle East

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Phillips 66 Trumps Earnings Estimates As Refining Margins Rise
source : OILPRICE ( Middle East ) () 23
One of the top U.S. refiners, Phillips 66 (NYSE: PSX), reported higher-than-expected earnings for the first quarter amid solid demand and lower crude oil feedstock. Phillips 66 booked adjusted earnings of $2.0 billion, or $4.21 per share, in the first quarter, compared with fourth-quarter adjusted earnings of $1.9 billion. Adjusted EPS beat the Wall Street consensus of $3.56 compiled by the Wall Street Journal. “In Refining, we ran above industry-average crude utilization, successfully executed major turnarounds and increased market capture…

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