Phillips 66 posts surprise Q1 profit as refining margins beat expectations
Phillips 66, the Houston-based refiner, reported a surprise profit of $207 million in the first quarter of 2026, reversing a loss from the same period a year earlier. The company's crude utilization rate reached 95%, contributing to the earnings beat. Refining margins exceeded expectations, driving the turnaround.
Key facts
- Phillips 66 earned $207 million in Q1 2026.
- The profit reversed a loss from Q1 2025.
- Crude utilization hit 95%.
- Refining margins beat expectations.
- The company is based in Houston.
Entities
Institutions
- Phillips 66
Locations
- Houston
- United States
Sources
- Quartz —