PSX - Phillips 66 tops Q2 estimates; chemicals posts record earnings refining struggles

Phillips 66 (NYSE:PSX) +0.2% pre-market after Q2 earnings easily exceed Wall Street estimates, coming in at a profit for the first time in more than a year. Q2 GAAP earnings totaled $296M, compared with a $654M loss in Q1, reflecting a recovery from Q1's winter storms and continued product demand improvement as economies rebound from the COVID-19 pandemic. Phillips says its chemicals unit generated record quarterly earnings of $623M, compared with $154M in Q1, supported by strong demand, utilization and margins. Earnings in the midstream unit surged to $312M from $76M in Q1, and income in the marketing and specialties segment rose to $476M from $290M in the previous period. Phillips 66's refining business continued to struggle, reporting a $729M loss vs. a $1B loss in the prior quarter, as the benefit of improved market crack spreads was more than offset by higher RIN costs, lower electricity sales in the Texas

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Phillips 66 tops Q2 estimates; chemicals posts record earnings, refining struggles