Phillips 66 posts weak results on low energy prices
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Phillips 66 reported a 61% slump in its quarterly profit as low commodity prices continued to drag down the company’s earnings in the first quarter. The company’s revenues also fell by 24% to $17.76 billion while earnings in the refining segment decreased 84% to $86 million, down from the $376 million earned in the fourth quarter of 2015 due to lower gasoline and distillate fuel margins.
The company posted a profit of $385 million in the first quarter compared with $987 million a year earlier. Phillips 66 previously announced that they cut their capital budget for 2016 in the face of low energy prices. The company’s total consolidated capital spending fell 31% to $750 million.
The company posted a profit of $385 million in the first quarter compared with $987 million a year earlier. Phillips 66 previously announced that they cut their capital budget for 2016 in the face of low energy prices. The company’s total consolidated capital spending fell 31% to $750 million.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Global PP and PE sellers approach Türkiye with hikes for January
- European PP and PE markets start 2025 on a stable to slightly firmer note
- Global spot styrene markets open 2025 on divergent paths
- New year opens with mixed trends in China’s PVC markets
- China delays major PP, PE startups as expansion plans hit roadblocks
- Stats: Türkiye’s total PP and PE imports down year-on-year in January-November
- PP markets quiet in China; sellers pin hopes on pre-CNY demand
- China's PVC markets struggle with record lows as curtain falls on 2024
- Türkiye’s recycled markets see divergent expectations for January
- China, SE Asia Olefins outlook for 2025: Poor profitability to dominate ethylene, propylene value chains