PSX - Why Petroleum Refineries Major Phillips 66 Shares Are Falling Today | Benzinga
Phillips 66 (NYSE:PSX) shares are trading lower after it reported first-quarter FY24 results.
Revenue of $36.436 billion exceeded the consensus of $33.075 billion. Adjusted EPS of $1.90 missed the consensus of $2.17.
Midstream segment adjusted pre-tax income stood at $613 million, vs. $754 million in the fourth quarter of fiscal 2023.
The Chemicals segment adjusted pre-tax income stood at $205 million vs. $106 million in the prior quarter. Global olefins and polyolefins utilization was at 96% for the quarter.
The Refining segment adjusted pre-tax income stood at $228 million (vs. ...