Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
Phillips 66 reported a jump in second-quarter profit on July 29, as the U.S. refiner got a boost from surging demand for fuel and refined products amid tight supplies.
Global fuel demand has soared to near pre-pandemic levels, while sanctions on major supplier Russia following its invasion of Ukraine have tightened an already undersupplied crude oil market.
Phillips 66 results followed those of its rivals Valero Energy Corp. and PBF Energy Inc. that also posted bumper second-quarter profits and handily beating Wall Street estimates on robust refining margins.
"We are focused on reliably providing critical energy products, including transportation fuels, to meet peak summer demand," said Mark Lashier, CEO of Phillips 66.
Second-quarter realized refining margins rose to $28.31/bbl from $10.55/bbl in the first quarter.
The Houston, Texas-based company said earnings stood at $3.2 billion, or $6.53 per share, for the quarter ended June 30, compared with $296 million, or 66 cents per share, a year earlier.
Recommended Reading
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
Permian Resources Continues Buying Spree in New Mexico
2024-01-30 - Permian Resources acquired two properties in New Mexico for approximately $175 million.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
Woodside, Santos Scrap M&A Talks for $52B Combination
2024-02-07 - After nearly two months of due diligence and negotiations, Woodside did not offer a firm bid price for Santos, sources said.