Participants on today's call will include Mark Lashier, president and CEO; Kevin Mitchell, CFO; and Brian Mandell, marketing and commercial; Tim Roberts, midstream and chemicals; and Rich Harbison, refining. Today's presentation material can be found on the investor relations section of the Phillips 66 website, along with supplemental financial and operating information.
The European Union's ban on Russian fuel imports that begins next week is expected to keep profit margins high this year at U.S. oil refiners, executives said on Tuesday, as global fuel trade shifts. A Feb. 5 ban on Russian fuel product imports could keep margins high this year and strain inventories of distillate fuels and vacuum gasoil (VGO), a key Russian intermediate, refiners said on first quarter earnings calls. Exxon Mobil, Marathon Petroleum and Phillips 66 on Tuesday posted strong 2022 refining results, citing high demand for diesel and jet fuel and elevated operating rates.
Shares of Phillips 66 (NYSE: PSX) fell more than 5% by 12:30 p.m. ET on Tuesday. Weighing on the refining company's stock price were its lackluster fourth-quarter results. Adjusted pre-tax income from its chemicals segment declined from $135 million in the third quarter to $52 million in the fourth quarter.