Phillips 66 Beats Q2 Profit Estimates on High Fuel Exports

Phillips 66 reported second-quarter adjusted profits of US$9.41 per share for the period ending June 30, surpassing the Wall Street average estimate of US$7.44 per share. The company's financial performance was driven by a significant increase in refining margins, which climbed to US$24.08 per barrel from US$11.25 per barrel in the previous year.

This growth was supported by record-high U.S. fuel exports, specifically diesel. The surge in demand came as international buyers sought alternative supplies to mitigate the impact of ongoing war and tensions in the Middle East. Following the release of these financial results, Phillips 66 shares rose 1 per cent in premarket trading.