Houston based oil refiner Phillips 66 $PSX on Tuesday reported better than expected third quarter earnings of $5.4 billion compared with $402 million during the same period last year. Tight refining market supported high gasoline prices with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia’s invasion of Ukraine and plant closings. The composite global market crack actually fell 22% from $46.72 in the second quarter to $36.29 per barrel in the … Continue reading “Phillips 66 Profits Soared as Refineries Run at Record Capacity Despite Crack Spread Falling”
Refiner Valero Earnings Smash Estimates with Record Refinery Throughput
San Antonio, Texas based refiner Valero Energy reported better than expected third-quarter results Tuesday before the open. Valero higher throughput margin utilization rate of 95% in the reported quarter, compared with last year’s 91%. VLO refineries have operated this year at record levels boosted by demand for fuel and refined products from both domestic and global export demand since Russia’s invasion of Ukraine. Other major refiners, including Marathon Petroleum (MPC) and Phillips 66 (PSX), report in coming weeks. Valero Energy … Continue reading “Refiner Valero Earnings Smash Estimates with Record Refinery Throughput”
Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow
Houston based oil refiner Phillips 66 on Friday reported better than expected second quarter earnings. PSX generated $1.8 billion of operating cash flow; $3.6 billion excluding working capital and repaid $1.5 billion of debt and returned $533 million to shareholders through dividends and share repurchases. The two largest American oil companies almost reported Friday. Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times the same period … Continue reading “Houston Based Oil Refiner Phillips 66 Crush Earnings Generating $1.8 billion of Operating Cash Flow”
Phillips 66 Repay Debt, Repurchase Shares and Raise Dividend
Houston based oil refiner Phillips 66 on Friday reported better than expected first quarter earnings. PSX Generated $1.1 billion of operating cash flow and repaid $1.45 billion of debt in April. The refiner announced plan to restart share repurchases and increasing the dividend. $PSX is diversifed from refining in both its chemical and pipeline sectors. Phillips 66 Inc. (NYSE: $PSX) Earnings Beat Before Open Friday $1.32 beat $1.14 EPS and $36.72B Beat $29.79 forecast in revenue Earnings Phillips 66 (PSX) … Continue reading “Phillips 66 Repay Debt, Repurchase Shares and Raise Dividend”
Phillips 66 Record Midstream Earnings From Shale Oil Shipments
Houston based oil refiner Phillips 66 on Friday reported better than expected second quarter earnings shipping higher volumes of crude through its pipelines. $PSX’s refining margin shrank 7.4% due to a shortage of low-cost heavy crude,
Phillips 66 Reports Record Midstream Net Income
Houston based oil refiner Phillips 66 on Friday reported better than expected third quarter earnings as refining and petrochemical revenues strengthened. $PSX is diversifying from refining in both it’s chemical and pipeline sectors.
Phillips 66 Midstream and Refining Earnings up 100%
Houston based oil refiner Phillips 66 on Friday reported better than expected second quarter earnings as refining and petrochemical revenues strengthened. $PSX is diversifying from refining in both it’s chemical and pipeline sectors.
Refiner Phillips 66 Better Than Expected Earnings as Refining Margins Recover
Houston based oil refiner Phillips 66 $PSX on Friday reported better than expected 3Q17 earnings as refining and petrochemical revenues strengthened. While Phillips 66 is diversifying from refining in both it’s chemical and pipeline sectors $224 million in earnings came from refining.
Big 3 Car Sales Crash Continues, Accelerate Lower in July
June was dismal for Car sales, we are now seeing July is even worse. General Motors $GM July sales down 15.4% , Fiat Chrysler $FCAU US sales down 10.5%, Ford $F Sales down -7.4%.
Phillips 66 $PSX Earnings Strength From Refining and Petrochemicals
Houston based oil refiner Phillips 66 $PSX on Tuesday reported better than expected2Q17 earnings as refining and petrochemical revenues strengthened. Refining is recovering some after low fuel prices hit profit margins.