From Yahoo Finance: 2025-04-25 07:08:00

Phillips 66 reported a larger-than-expected loss in the first quarter due to lower refining margins from heavy turnaround activities. Refinery utilization fell, causing a net loss of $937 million compared to a profit last year. Shares dropped 1.4% to $103.27 as realized refining margins decreased by 38% to $6.81 per barrel.

CEO Mark Lashier noted challenges from a spring turnaround program. Despite the loss, CFO Kevin Mitchell expects margins to improve moving forward. Phillips 66 is in a boardroom battle with Elliott Investment Management and navigating Trump’s tariffs and a trade war with China. They are constructing a gas plant in the Permian Basin.

The U.S. energy sector faces challenges. Phillips 66’s adjusted loss of 90 cents per share in Q1 missed analysts’ estimates. Rival Valero Energy also reported a loss. With most turnarounds completed, Phillips 66 anticipates high refinery utilization for the rest of the year.

Read more: US refiner Phillips 66 posts bigger-than-expected quarterly loss as margins bite