# refiner Phillips 66 said on Monday its first-quarter results were hit by a sharp increase in commodity prices.

*business · news · 2026-04-06 · MarketScreener*

## Key points

- Phillips 66 reported nearly $900 million in pre-tax mark-to-market losses for Q1.
- Losses stemmed mainly from a net short position in derivatives tied to oil and petroleum products.
- The company's net short derivatives position was about 50 million barrels at March's end.
- Refining, marketing, and renewables segments are each expected to incur hundreds of millions in losses.
- Phillips 66's actual Q1 results may differ as financial closing procedures are not yet complete.

**Companies:** Phillips 66
**Countries:** United States, Iran

[Read the full story on MarketScreener](https://www.marketscreener.com/news/phillips-66-faces-900-million-loss-as-iran-crisis-lifts-oil-prices-ce7e51d3d88df621)

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