Phillips 66 Midstream Earnings Higher but Chemicals Lower, Announce Additional Buybacks

Houston based oil refiner Phillips 66 on Friday reported weaker than expected third quarter earnings. PSX reported adjusted EPS of $4.63, up 19.6% year-over-year increase but short of the consensus estimate of $4.76. Revenue of $40.23 billion exceeded the consensus of $38.96 billion, however. Midstream income was higher, but the Chemicals segment was lower due to lower margins. Global olefins and polyolefins utilization was at 99% for the quarter. The board approved an additional $5 billion in share repurchase authorization, … Continue reading “Phillips 66 Midstream Earnings Higher but Chemicals Lower, Announce Additional Buybacks”

Phillips 66 Profits Soared as Refineries Run at Record Capacity Despite Crack Spread Falling

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”

Most Texas Refineries Have Restarted Since Big Freeze

The big freeze from the arctic blast knocked out more than 18 of the Texas refineries just a month ago. For these refineries it has been a battle to repair and restart. 16 of those 18 plants shut by freeze have started some or all units. In that time demand has risen and already some are able to run at full rates on better margins.

Refiner Valero $VLO Beats Earnings, Overcomes Hurricane Harvey

Valero Energy Corporation $VLO based in San Antonio, Texas reported better than expected third-quarter results Thursday before the open. Valero higher throughput margin due to 92% throughput capacity utilization despite Harvey supported Valero Energy’s strong results.