Phillips 66 Warns of $900M Pre-Tax Mark-to-Market Losses Hitting Q1 Results
Summary
Phillips 66 announced that its first-quarter results will be negatively impacted by approximately $900 million in pre-tax mark-to-market losses. These losses are attributed to a sharp rise in commodity prices, which weighed on the refiner's financial performance. This significant pre-announcement provides crucial insight into the upcoming Q1 earnings, indicating a substantial headwind for the quarter. Traders will need to factor this material financial hit into their expectations for the company's profitability and adjust positions accordingly ahead of the full earnings release.
At the time of this announcement, PSX was trading at $177.33 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $71.1B. The 52-week trading range was $91.01 to $190.61. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.