Phillips 66 Stock Under Pressure As Refining Losses Offset Midstream Gains

Phillips 66 (NYSE:PSX) shares are trading lower on Friday after it reported fourth-quarter FY24 results.

Midstream segment adjusted pre-tax income rose to $708 million, vs. $672 million in the third quarter of FY24, led by increased NGL margins and volumes.

The Chemicals segment adjusted pre-tax income stood at $72 million versus $342 million in the prior quarter, owing to a decline in margins along with higher turnaround and maintenance costs.

The Refining segment adjusted pre-tax loss improved to $(759) million from $(67) million in the prior quarter due to lower realized margins on reduction in market crack spreads and higher depreciation related to the planned stoppage of operations at the Los Angeles Refinery.

The company reported refining operations with 94% crude capacity utilization and 88% clean product yield.

The Marketing and Specialties segment adjusted pre-tax income ...

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