Phillips 66: Q4 Loss Worse Than Forecast

Phillips 66 (NYSE:PSX), an energy company with a focus on the refining, midstream, and chemical sectors, released its fourth-quarter earnings results on Jan. 31. The company reported an adjusted loss per share of $0.15, significantly missing analysts' consensus expectation for a $0.03 loss. GAAP earnings for the quarter were $8 million, while on an adjusted basis, the company lost $61 million. Revenue for the quarter was $33.986 billion, about 1% under the projected $34.324 billion. Those results were driven by tough market conditions and strategic adjustments, particularly in the refining segment.Source: Analysts' estimates for the quarter provided by FactSet.Phillips 66 operates primarily in the energy sector, with a significant presence in refining, midstream logistics, chemicals, and emerging fields like renewable fuels. The company engages in refining crude oil into petroleum and petrochemical products. Its midstream segment focuses on the transportation and marketing of natural gas and natural gas liquids (NGLs). The chemicals segment, mainly through its Chevron Phillips Chemical Company joint venture, produces petrochemical products. Additionally, the company is making strategic moves toward growing its renewable fuels business, a process that involves converting some existing refinery operations to support cleaner energy initiatives.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool