Key facts
- Phillips 66 reported record quarterly profit of $5.62 billion.
- Adjusted profit was $14.08 per share, beating estimates of $11.73.
- Refining margins averaged $38 per barrel, up from $24.08 in the prior quarter.
- Distillate yield reached a record 41% in the third quarter.
Phillips 66 reported a record quarterly profit on Wednesday, driven by strong refining margins amid global fuel supply disruptions caused by conflicts in Iran and Ukraine. The company's adjusted profit of $14.08 per share surpassed analysts' estimates of $11.73, with net income reaching $5.62 billion. Peers Valero Energy and HF Sinclair also achieved record third-quarter profits due to similar market conditions. Executives highlighted strong distillate yields and favorable freight positioning as key contributors to the refiner's performance. Phillips 66 also noted progress on its Coastal Bend expansion project and the Western Gateway Pipeline system.