# Phillips 66 (NYSE:PSX) on Monday disclosed around $900 million in pre-tax mark-to-market losses in the first quarter of 2026.

*business · news · 2026-04-07 · Benzinga*

## Key points

- Phillips 66 reported $900 million in pre-tax mark-to-market losses for Q1 2026.
- The company experienced a $3 billion cash collateral outflow due to commodity price surges.
- Phillips 66 fully drew a new $2.25 billion 364-day term loan to address liquidity needs.
- Refining crude utilization guidance was raised to mid-90%, while O&P utilization was lowered to low-90%.
- Total debt stands at $27 billion, with a target to reduce it to $17 billion by end of 2027.

**Companies:** Phillips 66

[Read the full story on Benzinga](https://www.benzinga.com/markets/large-cap/26/04/51678761/phillips-66-sees-losses-of-900m-in-q1-amid-tension-in-gulf)

---

Canonical: https://newsio.io/n/56e4bfd3-b8db-4e16-865b-f1d46322ff36/phillips-66-nysepsx-on-monday-disclosed-around-900-million-in-pre-tax-mark-to-ma
Summarized by Newsio from Benzinga. https://newsio.io/how-it-works