Is Phillips 66 (PSX) Among the Energy Stocks that Crushed Earnings Estimates in the First Quarter?

Phillips 66 (NYSE:PSX) is simply a diversified and integrated downstream vigor supplier that manufactures, transports, and markets products.

Phillips 66 (NYSE:PSX) reported its Q1 2026 results connected April 20. The institution delivered a astonishment adjusted nett of $0.49 per stock and exceeded expectations by $0.88, arsenic beardown refining margins and higher capableness utilization helped it offset the ​impact of volatile commodity prices.

Phillips 66 (NYSE:PSX)’s ​refining conception reported adjusted net of $208 cardinal successful the archetypal quarter, swinging from a nonaccomplishment of $937 cardinal successful the aforesaid play past year. Moreover, the company’s realized ​refining borderline climbed to $10.11 per barrel, up from $6.81 a twelvemonth earlier. The refiner’s crude capableness utilization besides reached 95% during the quarter, compared to 80% ​from a twelvemonth ago. That said, the soaring commodity prices amid the Iran warfare reduced the worth of the company’s hedges, offsetting gains from stronger underlying operations.

Oakmark Select Fund stated the pursuing regarding Phillips 66 (NYSE:PSX) successful its Q1 2026 investor letter:

“Phillips 66 (NYSE:PSX) was the apical contributor during the quarter. The U.S.-headquartered downstream vigor company’s banal terms roseate arsenic it benefited from higher ace spreads (the quality successful terms betwixt crude lipid and refined petroleum), heightened geopolitical hazard and coagulated fourth-quarter 2025 earnings. Fundamental results person been encouraging, and we judge PSX is acceptable to beryllium a large beneficiary of rising ace spreads. We proceed to spot PSX arsenic a durably advantaged vigor institution focused connected returning currency travel to shareholders.”

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