PSX - Why Phillips 66 Rose 22.5% in February
Shares of Phillips 66 (NYSE: PSX) rose 22.5% in February, according to data provided by S&P Global Market Intelligence . Phillips isn't an oil producer, but its midstream and downstream operations are still heavily affected by the outlook for oil-derived product demand and somewhat by oil prices.
Phillips actually reported its fourth-quarter earnings results at the end of January, and its earnings declined more than analysts expected. However, in February, optimism over the vaccine rollout and economic reopening caused oil prices to rise, and Phillips along with them.
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Why Phillips 66 Rose 22.5% in February