Phillips 66 announced on Monday its first-quarter 2026 results were hit by nearly $900 million in pre-tax mark-to-market losses as commodity prices surged.
The Houston-based energy manufacturing and logistics company, with a market capitalization of approximately $73 billion, said the losses were due to the sharp rise in commodity prices weighing on the refiner. The company did not disclose specific revenue or earnings per share figures in the preliminary announcement.
The unexpected loss highlights the volatility in the energy markets and the impact of commodity price swings on refiners' profitability. Phillips 66's earnings are scheduled to be released on April 30, 2026, where further details are expected. The company's stock (NYSE:PSX) is likely to face downward pressure following the news.
This development suggests that other players in the oil refining sector could face similar margin pressures. Investors will be closely watching the upcoming earnings release for more details on the financial impact and the company's outlook for the rest of the year.
This article is for informational purposes only and does not constitute investment advice.
