Phillips 66 beat Wall Street estimates for third-quarter profit on Wednesday, helped by higher refining margins as ongoing tensions in the Middle East boosted demand for US fuel exports.
US refiners have emerged as key beneficiaries of disruptions in Russia, China and the Middle East that tightened global supplies, while utilization has averaged more than 95% of capacity from May through September.
The company’s refining segment reported a sharp jump in adjusted earnings to $6.06 billion from $430 million a year earlier.
Phillips 66’s realized margin rose to $38 per barrel in the quarter, compared with $12.15 per barrel a year earlier.
The Houston, Texas-based company reported an adjusted profit of $14.08 per share for the three months ended September 30, compared with analysts’ average estimate of $11.73, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Sriraj Kalluvila)