Phillips 66 joins rival refiners with sharp quarterly profit drop

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Refiners’ margins were beefed up last year as a rebound in fuel demand collided with a supply crunch caused by pandemic-era refinery closings and disruptions caused by Russia’s invasion of Ukraine.

Crude prices and supplies have normalized since then.

The company said realized margins fell to $15.32 per barrel in the second quarter from $28.62 per barrel, a year earlier.

The Houston-based refiner reported earnings of $1.7 billion, or $3.72 per share, for the three months ended June 30, compared with $3.2 billion, or $6.53 per share, in the year-ago quarter.