|
MOSOCW (MRC) - U.S. refiner Phillips 66
PSX.N reported a smaller-than-expected quarterly loss on Friday, as its
marketing and specialties unit, which retails refined products, benefited from
people returning to gas stations, said Reuters.
The
unit buys refined products wholesale to resell at over 9,100 outlets the company
operates through a joint venture, and has seen demand recover as
coronavirus-related lockdowns ease and travel gradually picks up.
On a
sequential basis, marketing fuel margins improved 27.4% in the third quarter to
USD2.23 per barrel in the United States and up 24% to USD6.28 per barrel
internationally.
However, realized refining margins slumped to USD1.78
per barrel, a 31.5% drop from the second quarter and 84% lower than last year,
hit by weak fuel demand though oil prices have ticked up from spring
lows.
Adjusted loss for the refining segment came at USD970 million,
wider than USD867 million posted in the second-quarter.
Results in the
third quarter were also hit by impairment charges of USD798 million related to
the planned conversion of a San Francisco refinery into a renewable fuels
plan.
The company had said in August it will reconfigure the refinery in
Rodeo to produce renewable fuels, which are made from used cooking oil and fats,
among others, and have seen an increased demand in recent months as they burn
cleaner than traditional diesel.
The Houston, Texas-based company
reported a net loss of USD799 million, or USD1.82 per share, for the quarter
ended Sept. 30, from a year-ago profit of USD712 million, or USD1.58 per
share.
As MRC informed earlier,
Phillips 66 shut down its Belle Chasse refinery on 16
September in anticipation of Hurricane Sally. No estimate was provided for
the duration of the shutdown. This site houses a plant with a capacity of
355,000/tonnes propylene per year.
According to MRC's ScanPlast report, PP
shipments to the Russian market reached 880,130 tonnes in the first nine months
of 2020 (calculated using the formula: production minus exports plus imports,
excluding producers' inventories as of 1 January, 2020). Supply increased
exclusively of PP random copolymer.
Phillips 66 was formed in May 2012 as
a result of the division of ConocoPhillips, taking over the company's refining
assets. The staff of the company consisted of about 14 thousand employees. The
company is headquartered in Houston. |
