PSX - Phillips 66 posts smaller than forecast Q3 loss on retail fuels improvement

Phillips 66 ([[PSX]] -0.7%) reports a lighter than expected Q3 adjusted loss, as its marketing and specialties unit benefited from business rebounding at gas stations.Phillips' Q3 GAAP loss was $799M, or $1.82/share, including $798M in impairment charges related to the planned conversion of a San Francisco refinery into a renewable fuels plant, compared to a year-ago profit of $712M, or $1.58/share.Q3 marketing fuel margins rose 27.4% Q/Q to $2.23/bbl in the U.S. and 24% to $6.28/bbl internationally, but realized refining margins fell 31% Q/Q and 84% Y/Y to $1.78/bbl, hurt by weak fuel demand.Phillips' Q3 adjusted loss for the refining segment rose 12% to $970M from $867M in Q2.Phillips generated $491M in cash from operations during Q3; excluding working capital impacts, operating cash flow was $795M.The company expects FY 2020 capital spending of $2.9B.

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Phillips 66 posts smaller than forecast Q3 loss on retail fuels improvement