(Reuters) – U.S. refiner Phillips 66 on Friday posted a quarterly profit from a year-ago loss, as demand for fuel and refined products bounced back from pandemic lows thanks to COVID-19 vaccinations and easing restrictions on movement.
Energy demand has recovered swiftly from the worst days of the pandemic in 2020, and Brent and U.S. crude oil prices have reached multi-year highs in recent weeks. But product demand has also increased, and that has helped boost margins.
“In refining, we saw a notable improvement in realized margins, operated well and navigated hurricane-related challenges,” Chief Executive Officer Greg Garland said in a statement.
The company’s refining business posted an adjusted pre-tax income of $184 million in the third quarter, compared with an adjusted pre-tax loss of $970 million last year and a $706 million loss in the prior quarter.
The Houston, Texas based refiner said net income stood at $402 million, or 91 cents per share, for the three months ended Sept. 30, compared with a loss of $799 million, or $1.82 per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Ramakrishnan M.)
