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COVID-19 - News digest as of 06.04.2021

April 06/2021

1. Phillips 66 expects Q1 net lower on winter storm

MOSCOW (MRC) -- Phillips 66 expects to report a first-quarter net loss of USD680m-865m because of the polar storm and the effects of the coronavirus pandemic, said Reuters. A February deep freeze in U.S. central and southern states led to power outages and gas-supply disruptions that knocked oil refineries and chemical plants out of commission for up to two weeks. Several companies have issued warnings due to the storm.Phillip 66Тs adjusted net loss will reach between USD550 million and USD700 million for the quarter ended March 31 due to lost production and higher costs from the outages, it said. IBES data on Refinitiv had estimated a USD210 million loss.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Phillips 66, COVID-19, USA.
Category:General News
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