Phillips 66 beats second-quarter profit estimates on higher refining margins
(Reuters) -Refiner Phillips 66 (NYSE:PSX) beat Wall Street estimates for second-quarter profit on Friday, helped by higher refining margins and lower turnaround expenses.
Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings.
The improved margins helped peers such as Valero Energy (NYSE:VLO) surpass Wall Street estimates.
Fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief after earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia’s invasion of Ukraine.
The company’s realized margin per barrel was up at $11.25 in the quarter, compared with $10.01 from a year earlier, while turnaround expenses were down at $53 million from $100 million.
The company reported an adjusted profit of $2.38 per share for the three months ended June 30, compared with analysts’ average estimate of $1.71, according to data compiled by LSEG.
