What was Phillips 66's adjusted earnings per share for the first quarter, and how did it compare to analyst expectations?

Phillips 66 reported an adjusted profit of 49 cents per share for the three months ended March 31, compared with analysts' average estimate of a loss of 40 cents per share, according to data compiled by LSEG.

How did refining margins contribute to Phillips 66's surprise first-quarter profit?

Higher refining margins—driven by strong U.S. Gulf Coast margins amid Middle Eastern oil flow disruptions—enabled Phillips 66 to offset steep mark-to-market losses; its realized margin rose to $10.11 per barrel from $6.81 a year earlier, and its refining segment swung to adjusted earnings of $208 million from a $937 million loss a year earlier.

Phillips 66 posts surprise profit on higher refining margins

Apr 29, 2026

Phillips 66 posted a surprise first-quarter profit driven by soaring refining margins amid Middle East supply disruptions, beating analyst estimates despite derivative losses. Adjusted earnings jumped to $208 million as U.S. Gulf Coast margins rose 73% year-over-year.

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Phillips 66 posts surprise profit on higher refining margins

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