Phillips 66 beat Wall Street estimates for second-quarter adjusted profit on Wednesday, helped by higher refining margins as ongoing tensions in the Middle East boosted demand for U.S. fuel exports.
Shares of the company rose 1 per cent in premarket trading.
U.S. refiners have been among the biggest beneficiaries of the Iran war, as international buyers have scrambled to secure alternative fuel supplies amid concerns over disruptions to Middle Eastern exports.
The surge in overseas demand has helped push U.S. fuel exports to record highs, particularly for diesel and other refined products.
Phillips 66’s realized margin was up at US$24.08 per barrel in the quarter, compared with US$11.25 per barrel a year earlier.
The Houston, Texas-based company reported an adjusted profit of US$9.41 per share for the three months ended June 30, compared with analysts’ average estimate of US$7.44 per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Shinjini Ganguli)
