Phillips 66 misses first-quarter profit estimates on weak margins
Refiner margins scaled back from the peaks achieved after Russia's invasion of Ukraine in 2022, amid a rise in global refining capacity.
The company said its realized margins fell to $10.91 per barrel in the first quarter from $20.72 per barrel a year earlier. The Houston-based company reported adjusted earnings of $1.90 per share for the three months ended March 31, compared with analysts' estimates of $2.17 per share, according to LSEG data.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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