Refining Giant Phillips 66 Books Lower-Than-Expected Earnings  

Phillips 66 (NYSE: PSX) reported lower-than-forecast profits for the first quarter of the year, as refining margins halved from the year-ago period and refinery maintenance affected product sales. The U.S. refiner reported on Friday first-quarter earnings of $748 million, down from $1.3 billion for the fourth quarter and $1.96 billion for the first quarter of 2023.   Adjusted earnings per share for Q1 2024 came in at $1.90, below the analyst consensus estimate of $2.20 in The Wall Street Journal. Lower refining margins…