# U.S. Gulf Coast refiners are reaping their strongest margins in years.

*business · news · 2026-04-29 · Bnn Bloomberg*

## Key points

- Phillips 66 posted a surprise first-quarter profit despite US$839 million in mark-to-market losses.
- The company's refining segment swung to US$208 million in adjusted earnings from a US$937 million loss last year.
- Phillips 66's realized refining margin rose to US$10.11 per barrel, up from US$6.81 last year.
- Refinery capacity utilization reached 95 per cent, significantly higher than the 80 per cent reported a year ago.
- Quarterly U.S. refinery margins increased by about 73 per cent year-over-year, driving strong results.

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

[Read the full story on Bnn Bloomberg](https://www.bnnbloomberg.ca/business/2026/04/29/phillips-66-posts-surprise-profit-on-higher-refining-margins/)

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