13 Apr 2026

02:57

  • Bitumen 60/70

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    London - Bulk

    4.7%

Home Blog Phillips 66 Beats Estimates as Refining Margins Rebound From 2024 Lows

Phillips 66 Beats Estimates as Refining Margins Rebound From 2024 Lows

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Update date: 2026/02/04

Houston, Texas-based refiner Phillips 66 (NYSE:PSX) has exceeded Wall Street estimates for the fourth quarter as U.S. refining margins posted a strong rebound from 2024 lows. Phillips posted Q4 EPS of $2.47, $0.32 above the Wall Street consensus, while fourth quarter earnings of $2.91 billion represented a big jump from third quarter earnings of $133 million, and also generated $2.8 billion of net operating cash flow. Refinery margins for the quarter, measured by the 3-2-1 crack spread, improved 45% Y/Y on average thanks to a rebound in product…

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