News wire — Phillips 66 reported a jump in second-quarter profit on Friday, as the U.S. refiner got a boost from surging demand for fuel and refined products amid tight supplies.
Global fuel demand has soared to near pre-pandemic levels, while sanctions on major supplier Russia following its invasion of Ukraine have tightened an already undersupplied crude oil market.
Phillips 66 results followed those of its rivals Valero Energy Corp and PBF Energy Inc that also posted bumper second-quarter profits and handily beating Wall Street estimates on robust refining margins.
“We are focused on reliably providing critical energy products, including transportation fuels, to meet peak summer demand,” said Mark Lashier, Chief Executive Officer of Phillips 66.
Second-quarter realized refining margins rose to $28.31 per barrel from $10.55 per barrel in the first quarter.
The Houston, Texas-based company said earnings stood at $3.2 billion, or $6.53 per share, for the quarter ended June 30, compared with $296 million, or 66 cents per share, a year earlier.
Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli – Reuters
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