Energy
Phillips 66 reported net income of $3.85 billion in Q2 FY2026, up 339%, driven by surging refining margins and higher renewable fuel credits.
Key risk: Refining margin volatility
Refining earnings are highly sensitive to market crack spreads and crude oil differentials, which are influenced by geopolitical events and supply-demand imbalances; a sharp reversal could materially reduce profitability.
Other Oil & Gas Refining & Marketing companies