January 31, 2024 [Reuters]- Refiner Phillips 66 (PSX.N), opens new tab beat quarterly profit estimates on Wednesday, helped by sustained fuel demand and strong performance in its midstream and chemicals unit.

Global fuel supplies have remained constrained despite a rise in refining capacity, due to production cuts by OPEC+ countries and the Russia-Ukraine war.

Rivals Valero Energy (VLO.N), opens new tab and Marathon Petroleum (MPC.N), opens new tab have also topped Wall Street’s expectations with stronger-than-expected margins.

Earnings from Phillips’s chemicals segment more than doubled, to $106 million.

The company said its realized margins fell to $14.41 per barrel in the second quarter, from last year’s $19.73 per barrel for the same period.

The Houston, Texas-based refiner reported adjusted earnings of $3.09 per share, compared with analysts’ average estimate of $2.35 per share, according to LSEG data.

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