The company’s refining division acted as the primary engine for this growth, generating $6 billion in earnings compared to a loss of $518 million a year ago. Operations remained robust, with the firm running its crude capacity at a 98% utilization rate. This performance reflects the broader trend of refiners capitalizing on high fuel margins spurred by ongoing geopolitical instability in the Middle East and Ukraine.
In section Market Quotes
Phillips 66 Profits Soar as Global Fuel Demand Tightens
A surge in refining margins pushed Phillips 66 to a $5.62 billion profit this quarter, a dramatic leap from the $133 million reported during the same period last year. The Houston-based refiner beat analyst expectations of $11.73 per share, posting adjusted earnings of $14.08 per share amid a volatile global energy market.
While the refining arm flourished, the midstream segment saw more modest results. Earnings in this division reached $702 million, a slight increase from $697 million the previous year. However, pretax income for the midstream business dipped compared to the second quarter, constrained by thinning margins in gas transportation. Despite these localized pressures, the company’s overall financial position has been significantly bolstered by the world’s urgent scramble for diesel and refined products as global supplies remain constrained.
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