Phillips 66 announced it is now the world's third-largest buyer of Venezuelan crude oil, expanding its fleet and benefiting from Jones Act waivers issued by the Trump administration. This move is part of a strategy to secure discounted heavy crude grades while Trump criticizes rivals Exxon and Chevron for high profits amid rising oil prices due to the Iran war. Phillips 66's fleet has grown fourfold in two years, supporting 40% of its crude demand. Despite a recent stock dip, the company's shares have risen 57% this year, reflecting strong quarterly profits of $3.8 billion, boosted by high gas prices and market conditions.
Chevron reversed a $3.1 billion loss in Q1 to a $368 million gain in Q2, driven by shifts in commodity derivatives amid the Iran war's market volatility. The company’s net income soared to $12.1 billion, boosted by higher production and elevated oil ...
Phillips 66 reported Q2 earnings of $9.41 per share, significantly exceeding estimates, driven by high refining margins of $24.08 per barrel and 96% utilization. The company benefits from ongoing supply disruptions and limited spare refining capacity...
