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Phillips 66 (NYSE:PSX) on Monday disclosed around $900 million in pre-tax mark-to-market losses in the first quarter of 2026.
Phillips 66 reported $900 million in pre-tax mark-to-market losses for Q1 2026.
KEY POINTS
- 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
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