Phillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil Prices

Phillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil Prices

U.S. refiner Phillips 66 said on Monday its first-quarter results were hit by a sharp increase in commodity prices, leaving it with nearly $900 million in pre-tax mark-to-market losses, according to a filing with the Securities and Exchange Commission. Energy prices soared after the U.S.-Israeli war on Iran began in late February. Iran’s effective closure of the Strait of Hormuz, a chokepoint for roughly a fifth of global oil and gas supplies, h…

Phillips 66 Faces $900 Million Loss as Iran Crisis Lifts Oil Prices - Energy News, Top Headlines, Commentaries, Features & Events

U.S. refiner Phillips 66 said on Monday its first-quarter results were hit by a sharp increase in commodity prices, leaving it with nearly $900 million in pre-tax mark-to-market losses, according to a filing with the Securities and Exchange Commission. Energy prices soared after the U.S.-Israeli war on Iran began in late February. Iran’s effective closure ...