Phillips 66
Phillips 66 Releases Preliminary First-Quarter 2026 Financial Guidance
Summary
On April 6, 2026, Phillips 66 issued preliminary guidance for the first quarter of 2026, revealing significant mark-to-market losses due to sharp increases in commodity prices. The company reported approximately $900 million in pre-tax mark-to-market losses, primarily driven by its net short position in crude oil and refined petroleum products. Additionally, various segments faced challenges such as the two-week lag in Gulf Coast clean products pricing, producer downtime, and reduced operations at joint ventures. Phillips 66 also provided an outlook on key operating metrics, including Global Olefins & Polyolefins utilization and Refining crude utilization. The company managed liquidity impacts by drawing on credit facilities and issuing a new term loan.
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About Phillips 66
Phillips 66 is a renowned American multinational energy company involved in refining, transporting, and marketing petroleum products. Engaging primarily as a downstream sector entity, Phillips 66 operates an extensive network of refineries, pipelines, and retail stations across the globe. The company's main function is to refine crude oil into marketable fuels such as gasoline, diesel, and jet fuel, as well as petrochemical products that serve as building blocks for various industrial applications. Additionally, Phillips 66 is known for its logistics and midstream operations, which include pipelines and trucking services that facilitate efficient energy distribution. The company plays a critical role in the energy sector, impacting industries ranging from transportation to manufacturing. By maintaining a strategic focus on safety, environmental stewardship, and operational excellence, Phillips 66 contributes significantly to the global energy supply chain. Established in 1875 and headquartered in Houston, Texas, Phillips 66 continues to provide essential energy solutions while adapting to evolving market dynamics and sustainability demands.
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