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Phillips 66 Reports Sequential Jump in Q2 Refining Margins

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Phillips 66 (PSX), Texas-based midstream energy company, Wednesday reported realized refining margins rising 138.2% quarter over quarter to $24.08 a barrel in Q2, compared with $10.11/bbl in Q1.

"Margins were primarily driven by an increase in market crack spreads and favorable mark-to-market impacts," the company said in its earnings statement.

In Q2, Phillips 66 reported earnings of $3.062 billion from its refining segment, a 1,372% jump from earnings of $208 million in the previous quarter.

For the three months period ended June 30, Y-grade natural gas liquids pipeline throughput to market were reported at 943,000 barrels a day, up from 930,000 bbl/d in the previous quarter.

Fractionated NGL volumes for the quarter stood at 1.02 million bbl/d, up from 980,000 bbl/d in Q1.

Phillips 66 reported crude capacity utilization at 96%, which compares with 95% reported in the previous quarter.

The company produced 51,000 bbl/d of renewable fuels in Q2, up from 40,000 bbl/d in the quarter before.

The midstream segment reported earnings of $785 million in Q2, up from $595 million in Q1, while the renewables fuels segment $544 million for the three-month period, which compares to a loss of $41 million in the previous quarter.

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