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News wire — U.S. refiner Phillips 66 on Friday reported a wider adjusted loss compared to the previous quarter, as rising crude prices and pandemic-hit fuel demand pressured its refining and marketing businesses.
While crude prices rallied more than 20% in the last quarter, driven by optimism over the development of COVID-19 vaccines, refiners struggled with uneven demand for fuel and related products due to a resurgence of COVID-19 cases and renewed travel restrictions.
Like rival Valero has noted, Phillips 66 on Friday said it was optimistic about the impact of the COVID-19 vaccines on the economic recovery.
The company reported adjusted net loss of $507 million, or $1.16 per share, in the fourth quarter, compared with a loss of $1 million, or 1 cent per share, in the third quarter.
Refiner Phillips 66 posts quarterly loss as pandemic slams fuel demand
(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)
