Phillips 66 Posts Surprise Profit as Refining Margins, Export Capacity Grow

Phillips 66 reported a surprise first-quarter adjusted profit, driven by surging refining margins and increased capacity utilization. Despite strong commodity prices leading to hedging losses, the company benefited from expanding NGL and LPG export capacity and increased crude capacity utilization. This performance surpassed analyst expectations, with shares rising in premarket trading.

PSX2.2%
IN-5.46%
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