08:28 - 6.08.2026

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August 6, Fineko/abc.az. U.S. refiner Phillips 66 reported a nearly fourfold surge in second-quarter net profit, beating Wall Street estimates as Middle East geopolitical instability tightened global fuel supplies and drove up U.S. refining margins. Net income rose to $3.85 billion from $877 million a year earlier, marking the company's strongest quarter since 2022.

Adjusted earnings in the refining segment surged to $3.09 billion from $392 million a year ago, while realized refining margins more than doubled to $24.08 per barrel. The Houston-based company posted an adjusted profit of $9.41 per share, handily outperforming the market consensus of $7.44 per share. The renewable fuel segment also turned profitable, delivering $544 million compared to a loss of $133 million in Q2 2025.

Phillips 66 reduced its net debt by nearly 25% quarter-on-quarter to $16.5 billion, putting the refiner on track to hit its sub-$17 billion debt reduction target a full year ahead of schedule.