PSX - Phillips 66 posts narrower Q1 loss as refining margins double

Phillips 66 ([[PSX]] +0.7%) edges higher after reporting a smaller than expected Q1 loss, aided by improved refining margins as storm-related disruptions and demand for travel raised fuel prices.But the refiner recorded its fifth straight quarterly net loss, which totaled $654M, or $1.49/share, for Q1 compared with a loss of $539M, or $1.23/share, in the prior quarter.Refining outages from February's severe storm in Texas, which led to shutdowns at several refineries and chemical plants for weeks, helped Phillips 66 double its refining margins to $4.36/bbl from the previous quarter.Q1 crude utilization rate rose to 74% from 69% but remained well below the company's worldwide utilization of 83% in the year-ago quarter.Phillips 66 also said it began producing renewable diesel at its former Rodeo refinery near San Francisco after completing its diesel hydrotreater conversion, which will ramp up to 8K bbl/day of renewable diesel production by Q3.

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Phillips 66 posts narrower Q1 loss as refining margins double