Phillips 66 Refining Flips to a $207 Million Profit Y-o-Y


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) --Phillips 66's refining segment reported an earnings 
profit of $208 million in the first quarter, reversing the $937 million loss 
seen in the same quarter of 2025.

   However, refining adjusted pre-tax income decreased from $542 million on a 
quarterly basis, driven by lower margins and volumes, partially offset by the 
absence of accelerated depreciation at the Los Angeles Refinery. Lower margins 
resulted from mark-to-market impacts, which were partially offset by higher 
clean product differentials, while declining volumes in the quarter were driven 
by planned turnaround activities.

   Realized margin rose to $10.11 bbl in the first quarter from $6.81 bbl in 
the same quarter last year and it was flat on a quarterly basis. Crude capacity 
utilization rose to 95% from 80% year-over-year, however it dropped from 99% 
recorded in the fourth quarter.

   Clean product yield was flat at 87% year-over- year, but it was below the 
88% reported in the last quarter of 2025.

   The renewable fuels segment reported earnings loss of $41 million below the 
$185 million loss reported the prior year and the $5 million profit recorded in 
the fourth quarter. The drop was attributed to mark-to-market impacts, 
partially offset by higher credits.

   Midstream first quarter earnings rose to $860 million from $751 million 
recorded in the same period of last year. However, it was lower than $954 
million seen in the last quarter of 2025 mainly due to lower volumes largely 
associated with impacts from Winter Storm Fern.

   The company reported first quarter earnings of $207 million compared to $487 
million in the same quarter last year.

    

    




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