These companies increased their quarterly sales per share by at least 40% while expanding their gross profit margins and their operating margins.
The world faces a shortfall of refining capacity which is keeping gasoline prices elevated. Ukraine's drone strikes on Russia and Iran's attacks in Persian Gulf have knocked out millions of barrels per day of capacity.
Phillips 66 shares fell 1.7% to $202.39 on Wednesday, its lowest point in three weeks. However, the company's stock has risen 57% since the start of the year, when it traded around $130 per share.
U.S. independent refiner Phillips 66 plans to operate refineries in the mid-90% range of their combined capacity in the third quarter of 2026, the company said on Wednesday during a conference call to discuss second-quarter results.
Phillips 66 beat Wall Street estimates for second-quarter adjusted profit on Wednesday, helped by higher refining margins as ongoing tensions in the Middle East boosted demand for U.S. fuel exports.
HOUSTON--(BUSINESS WIRE)--Phillips 66 announced second-quarter earnings.
Refiner Phillips 66 said on Friday its board of directors had approved a $10 billion increase to its share repurchase program.