Phillips 66 Refining Surges to $3.8B in Q2
HOUSTON, TX (DTN) --Phillips 66 reported Wednesday (8/5) earnings of $3.8
billion in its refining segment during the second quarter of 2026, rebounding
from $207 million in the first quarter, driven by higher realized margins,
stronger market crack spreads and favorable mark-to-market impacts.
In the second quarter, adjusted refining earnings increased to $3.06 billion
from $208 million in the prior quarter.
Phillips 66 did not provide year-over-year comparisons.
Refining adjusted EBITDA rose to $3.31 billion in the second quarter from
$423 million in the first quarter. Realized refining margins increased to
$24.08 bbl from $10.11 bbl, while crude capacity utilization improved to 96%
from 95%. Clean product yield was 86%, compared with 87% in the prior quarter.
Turnaround expense declined to $123 million from $178 million.
Phillips 66 reported Midstream earnings of $785 million in the second
quarter, compared with $591 million in the first quarter, supported by higher
margins and increased volumes following the absence of Winter Storm Fern
impacts. Adjusted EBITDA in Midstream increased to $1.05 billion from $860
million.
Chemicals earnings increased to $404 million from $114 million in the first
quarter, while adjusted earnings rose to $404 million from $85 million,
primarily due to higher margins. Chemicals global O&P capacity utilization was
91%, compared with 94% in the prior quarter.
Marketing and Specialties earnings improved to $583 million in the second
quarter from a loss of $161 million in the first quarter. Adjusted earnings
increased to $514 million from a loss of $141 million, driven by higher global
marketing margins and favorable mark-to-market impacts.
In the second quarter, Renewable Fuels earnings increased to $544 million
from a loss of $41 million in the first quarter, supported by higher regulatory
credit prices, increased renewable fuels production and favorable
mark-to-market impacts.
(c) Copyright 2026 DTN, LLC. All rights reserved.
