Phillips 66: Refining Margins Expected to Remain Strong in Near Term
Summary
Phillips 66 stated that it expects refining margins to be constructive in the near to medium term. This direct outlook from management provides a positive signal regarding the company's core profitability drivers. It follows recent news of record US crude oil exports and the company's surprise Q1 adjusted profit, indicating continued favorable conditions for refiners.
At the time of this announcement, PSX was trading at $166.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $67.5B. The 52-week trading range was $118.00 to $190.61. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.