business / news / / CNBC TV18
A US-based energy company just lost nearly $1 billion on its oil short positions.
Phillips 66 lost nearly $1 billion on short oil and commodity derivative positions in Q1.
KEY POINTS
- The company incurred $3 billion in collateral expenses due to rising oil prices.
- Phillips 66 secured a new $2.25 billion term loan and increased a securitization facility to $1.75 billion.
- US crude prices surged 68% and diesel futures 62% since the start of the US-Iran war.
COMPANIES
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