PSX · News · 20260806N

Refining Margin Trends

Phillips 66 · 2026-08-06 · Importance 69 · Surprise 64

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 tight product supply and stronger refining execution, along with debt reduction and midstream growth, can sustain profitability. source