Phillips 66 Crushes Q3 Estimates With $14.08 EPS vs $11.73 Expected
PSX has more than doubled off its 52-week low of $127.16.
Summary
Phillips 66 posted Q3 adjusted profit of $14.08 per share, well above the $11.73 analyst consensus — a roughly 20% beat. The driver was higher refining margins as Middle East tensions lifted demand for US fuel exports, with the 3Q crude utilization rate at 98%. This follows the 8-K filed minutes earlier showing Q3 earnings of $5.6 billion, or $14.08 per diluted share, with realized refining margins at $38.00 per barrel. It extends a strong run: Q2 net income was $3.8 billion versus $877 million a year earlier, and the company added a $10 billion buyback increase in July. The Wood River refinery cracker outage and piping leak flagged in mid-October did not derail the quarter.
At the time of this announcement, PSX was trading at $271.34 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $107.1B. The 52-week trading range was $127.16 to $299.39. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.