PSX · News · 20260805N
Refining Margin Trends
Phillips 66 · 2026-08-05 · Importance 69 · Surprise 64 · In source text
Phillips 66's second-quarter 2026 realized refining margin rose to $24.08 per barrel, more than doubling from the prior-year period. Refining adjusted earnings reached $3.09 billion, making higher refining margins the principal driver of the quarter's profit increase. Refinery utilization was 96% in the second quarter, reflecting improved plant performance and asset utilization. The company plans to operate its refineries in the mid-90% range of combined capacity during the third quarter of 2026.
Key facts
- Phillips 66 said strong refining margins were expected to continue through the next quarter and into 2027 due to supply disruptions from the war in Iran. source
- Phillips 66 reported that its refining segment's adjusted earnings rose to $3.09 billion in Q2 2026. source
- Phillips 66's realized refining margin was US$24.08 per barrel in Q2 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| margin | positive | probable | — | Phillips 66 said strong refining margins were expected to continue through the next quarter and into 2027 due to supply disruptions from… |