Locator: 44533R.
One of the top U.S. refiners, Phillips 66, reported higher-than-expected earnings for the first quarter amid solid demand and lower crude oil feedstock.
Phillips 66 booked adjusted earnings of $2.0 billion, or $4.21 per share, in the first quarter, compared with fourth-quarter adjusted earnings of $1.9 billion. Adjusted EPS beat the Wall Street consensus of $3.56 compiled by the Wall Street Journal.
Realized margins increased from $19.73 per barrel in the fourth quarter of 2022 to $20.72 per barrel in the first quarter of 2023. This was nearly double from $10.83 per barrel for the first quarter of 2022.
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