PSX · 10-Q · 2026Q2 · Full report

Chemicals Margin Recovery

Phillips 66 · 2026-08-05 · Importance 45 · Surprise 64

The benchmark high-density polyethylene chain margin increased to 43.6 cents per pound in the second quarter of 2026 from 7.4 cents, mainly because lower plant utilization in Asia improved supply-demand conditions amid Middle East supply concerns. CPChem externally marketed sales volumes declined to 5,006 million pounds from 6,128 million pounds in the comparable quarter, while global olefins and polyolefins capacity utilization was 80% versus 85%. Phillips 66 attributed the Chemicals segment improvement primarily to higher polyethylene sales prices and improved polyethylene margins.

Key facts

• The benchmark high-density polyethylene chain margin was 43.6 cents per pound in the second quarter of 2026, compared with 7.4 cents per pound in the second quarter of 2025. source