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Phillips 66 beats profit estimates, to resume share buybacks

A common view of the Phillips 66 Firm’s Los Angeles Refinery, which processes home & imported crude oil into gasoline, aviation and diesel fuels, at sundown in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan

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April 29 (Reuters) – U.S. refiner Phillips 66 (PSX.N) on Friday promised to renew share buybacks within the present quarter, after posting a quarterly revenue that surpassed Wall Road expectations as demand for gasoline and refined merchandise hovered close to pre-pandemic ranges.

Western sanctions on Russia for invading Ukraine have tightened crude oil provides worldwide at a time when gasoline demand is surging as economies reopen after a chronic interval of pandemic-related lockdowns.

As well as, a drop in refining capability resulting from pandemic-induced shutdowns of unprofitable refineries helps people who have their amenities up and working to cater to the rising world demand for gasoline.

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Phillips’ total product equipped, a proxy for demand, rose to 21.1 million barrels per day within the third week of March and was close to pre-pandemic ranges.

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The Houston-based firm stated its first-quarter realized refining margins greater than doubled to $10.55 per barrel, whereas complete processed inputs worldwide rose 7.7% to 1.9 million barrels of oil per day.

Phillips joins rival Valero Vitality Corp (VLO.N) in handily beating earnings expectations this earnings season. Marathon Petroleum (MPC.N) can be anticipated to publish a quarterly revenue when it stories earnings subsequent week. learn extra

“We imagine present market situations will permit us to extend shareholder returns by restarting share repurchases and rising the dividend,” Phillips Chief Government Officer Greg Garland stated.

Phillips 66 had suspended share buybacks in March 2020 in response to the pandemic.

Its adjusted internet earnings of $1.32 per share for the quarter beat analysts’ common estimate of $1.22, in line with Refinitiv knowledge.

Earlier this month, Phillips 66 promoted Chief Working Officer Mark Lashier to take over the corporate’s helm from Greg Garland in July. learn extra

The corporate stated internet earnings was $582 million, or $1.29 per share, for the quarter ended March 31, in contrast with a lack of $654 million, or $1.49 per share, a 12 months earlier.

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Reporting by Rithika Krishna in Bengaluru; Modifying by Anil D’Silva

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