Phillie 66 posts first quarterly profit in a year as fuel demand rises

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Aug 3 - U.S. refiner Phillips 66 posted an adjusted quarterly profit on Tuesday, its first in a year, as it benefited from a rebound in fuel demand due to the easement of pandemic-related travel curbs.

Fuel consumption has been rising this year after hitting record lows in 2020, as expanding vaccination drives encouraged governments to lift travel and other restrictions.

Our second quarter results reflect the recovery of operations after the prior storms, as well as additional product demand improvement as more people are vaccinated, said Greg Garland, Chairman and CEO of Phillips 66.

The company said its refining business lost $706 million in the second quarter on a pre-tax basis, smaller than the $1 billion loss in the prior three months.

The company's adjusted earnings came in at $329 million, or 74 cents per share, for the three months ended June 30, compared with a loss of $509 million, or $1.16 per share, in the first quarter.

Valero Energy and PBF Energy Inc posted more than expectation on Wall Street last week, pointing to improving margins on the back of a rebound in fuel demand.