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00:02Phillips 66 reported a surprise first quarter profit as higher refining margins offset losses
00:08tied to volatile commodity prices, according to Reuters. The company reported first quarter
00:13adjusted earnings of 49 cents per share, beating analysts' estimate of a 40 cents per share loss.
00:19U.S. Gulf Coast refining margins rose as disruptions to Middle Eastern oil flows
00:24increased demand for U.S. fuel exports. The company's realized margin rose to $10.11
00:29per barrel from $6.81 a year earlier. The refining segment posted adjusted earnings of $208 million
00:37compared with a $937 million loss a year earlier. The company recorded $839 million in mark-to-market
00:45losses tied to hedging positions. Crude capacity utilization rose to 95% from 80%, while turnaround
00:53expenses fell to $178 million from $270 million. Shares rose 2.2% in pre-market trading.
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