Refiner Phillips 66 beat Wall Street estimates for second-quarter profit on Friday, helped by higher refining margins and lower turnaround expenses.
Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings.
The improved margins helped peers such as Valero Energy surpass Wall Street estimates.
Fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief after earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia’s invasion of Ukraine.
The company’s realized margin per barrel was up at $11.25 in the quarter, compared with $10.01 from a year earlier, while turnaround expenses were down at $53 million from $100 million.
The company reported an adjusted profit of $2.38 per share for the three months ended June 30, compared with analysts’ average estimate of $1.71, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Arun Koyyur)