Phillips 66 misses first-quarter profit estimates on weak margins-March 2024-www.financetom.com

Phillips 66 misses first-quarter profit estimates on weak margins

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Phillips 66 misses first-quarter profit estimates on weak margins

Apr 26, 2024 4:50 AM

(Reuters) -Refiner Phillips 66 missed quarterly profit estimates on Friday, hurt by a slump in refining margins following a decline in fuel prices.

Refiner margins scaled back from the peaks achieved after Russia's invasion of Ukraine in 2022, amid a rise in global refining capacity.

The company said its realized margins fell to $10.91 per barrel in the first quarter from $20.72 per barrel a year earlier.

The Houston-based company reported adjusted earnings of $1.90 per share for the three months ended March 31, compared with analysts' estimates of $2.17 per share, according to LSEG data.

(Reporting by Sourasis Bose in Bengaluru; Editing by Shounak Dasgupta and Shinjini Ganguli)

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