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InvestmentsPhillips 66 posts second straight quarterly profit as fuel demand rebounds By...

Phillips 66 posts second straight quarterly profit as fuel demand rebounds By Reuters


© Reuters. FILE PHOTO: A Phillips 66 signal is seen at a gasoline station within the Chicago suburb of Wheeling, Illinois, U.S., October 27, 2016. REUTERS/Jim Young

(Reuters) – U.S refiner Phillips 66 (NYSE:) posted its second straight quarterly profit on Friday as demand for gasoline, diesel and different distillates bounced again from pandemic lows due to vaccinations and easing restrictions.

Energy demand has recovered swiftly from the worst days of the COVID-19 outbreak in 2020, and and oil costs have reached multi-year highs in latest weeks. But product demand has additionally elevated, and that has helped increase margins.

“In refining, we saw a notable improvement in realized margins, operated well and navigated hurricane-related challenges,” Chief Executive Officer Greg Garland stated.

Shares of Phillips 66 had been up 3.2% at $79.20 in premarket buying and selling.

The firm’s refining enterprise posted an adjusted pre-tax revenue of $184 million within the third quarter, in contrast with an adjusted pre-tax lack of $970 million final yr.

Phillips 66’s realized refining margins jumped to $8.57 per barrel from $1.78 per barrel a yr earlier.

Gasoline and distillate consumption within the United States is again according to five-year averages after greater than a yr of weak demand as a result of pandemic that had additionally knocked refining capability offline.

Phillips 66 stated its Alliance Refinery in Louisiana, which sustained vital impacts from Hurricane Ida, is anticipated to stay shut by means of the fourth quarter.

Total processed inputs rose 12.5% to 168.74 million barrels per day from a yr earlier however fell 1.3% from the three months prior.

The Houston, Texas-based refiner stated internet revenue stood at $402 million, or 91 cents per share, for the three months ended Sept. 30, in contrast with a lack of $799 million, or $1.82 per share, a yr earlier.

Excluding a $1 billion impairment cost, primarily attributable to Hurricane Ida’s influence on its Alliance Refinery, the refiner posted third-quarter adjusted earnings of $1.4 billion.

Rivals Valero Energy Corp (NYSE:) and PBF Energy (NYSE:) Inc reported sturdy outcomes earlier this month, pointing to enhancing margins and tight inventories.

((*66*) story has been refiled to appropriate day in first paragraph to Friday from Thursday)

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