reuters.com

Phillips 66 Posts Record Quarterly Profit as Iran Lifts Refining Margins

Phillips 66 logoPhillips 66
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Phillips 66 reported an unprecedented jump in adjusted earnings to $3.09 billion and net income of $3.85 billion, with the realized refining margin rising to $24.08 per barrel. Net debt fell nearly 25% to $16.5 billion, and the company appears on track to reach its below-$17 billion target by end-2026. Renewable fuel adjusted earnings also increased as overseas demand lifted U.S. refined product exports amid the Iran war.

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