Phillips 66 says Q1 results hit by $900 million mark-to-market losses

Phillips 66 took nearly $900 million of pre-tax mark-to-market losses in Q1 as a sharp rise in commodity prices hit the refiner. The sizable commodity-related markdowns materially reduced reported first-quarter results and are likely to pressure near-term earnings and share performance given the magnitude of the hit.

Analysis

Phillips 66 took nearly $900 million of pre-tax mark-to-market losses in Q1 as a sharp rise in commodity prices hit the refiner. The sizable commodity-related markdowns materially reduced reported first-quarter results and are likely to pressure near-term earnings and share performance given the magnitude of the hit.