Phillips 66 (NYSE:PSX) shares are trading higher on Wednesday after the company delivered a strong first-quarter performance, surpassing Wall Street forecasts.
Earnings Snapshot
The integrated energy company reported adjusted earnings of 49 cents per share, comfortably topping the consensus estimate of a loss of 40 cents per share.
Quarterly revenue reached $33.0 billion, missing the consensus of $35.35 billion.
GAAP earnings were $207 million, or 51 cents per share, in the quarter. The quarter included pre-tax special item adjustments of $29 million in the Chemicals segment and a $(20) million impact in the Marketing and Specialties segment.
The company reported cash flow used in operations of $2.26 billion vs. the operating cash flow of $2.75 billion in the prior quarter.
Refining …