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, which management expects to continue through 2027. Having achieved debt reduction targets early, Phillips 66 plans to accelerate share buybacks and maintain strong capital returns, targeting over $220 per share. The stock has gained over 60% in the past year, boosted by geopolitical tensions affecting oil supply routes.
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 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 gr...
