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U.S. Gulf Coast refiners are reaping their strongest margins in years.
Phillips 66 posted a surprise first-quarter profit despite US$839 million in mark-to-market losses.
KEY POINTS
- 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.
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