In the third quarter of 2020, US refiner Phillips 66 posted a loss at a smaller level than expected on the back of the improvement in its retail sales.
On a sequential basis, marketing fuel margins expanded b 27.4% to USD2.23/barrel in the US and rose by 24% to USD6.28/barrel globally.
Still, its realized refining margins fell by 31.5% quarter-on-quarter and 84% year-on-year to USD1.78/barrel. The reading was heavily influenced by weak fuel demand even when oil prices have sprung up a tad from the low in spring.
Adjusted loss for the refining segment was at USD970 million, higher than the previous quarter’s USD867 million. On an adjusted basis, the company lost 1 cent/share, way smaller than the expectations of an 80 cents loss.
Net loss was at USD799 million or USD1.82/share, compared to the corresponding time of 2019 with a profit of USD712 million or USD1.58/share.
In the latest quarter, the results were also hampered by the USD798 million impairment charges for its planned conversion of a San Francisco refinery into a renewable fuel plan.
