Refiner Phillips 66 reports lower third-quarter profit on weak fuel demand [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
The Houston-based refiner reported a net income of $346 million, or 82 cents per share, in the third quarter, compared with $2.1 billion, or $4.69 per share, a year earlier. Refiners globally have seen a drop in profitability on soft consumer and industrial demand, especially in China, because of slowing economic growth and rising penetration of electric vehicles. U.S. refinery margins, measured by the 3-2-1 crack spread, dipped to $14.28 in mid-September, the lowest since early 2021, on lackluster fuel demand. Energy majors such as Exxon Mobil, BP and Shell said earlier this month they expect weaker refining margins to weigh on their earnings in the third quarter. However, Phillips 66's third-quarter adjusted profit came in at $2.04 per share, well above analysts' average estimate of $1.66, according to data compiled by LSEG, partly aided by a stronger performance of its chemicals segment. (Reporting by Seher Dareen in Bengaluru; Editing by Shinjini Ganguli)
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