Phillips 66 (NYSE:PSX) delivered a wider-than-expected loss for the first quarter due to lower refining margins and extensive maintenance and turnaround activities, sending its shares lower in early trade on Friday.
The oil company reported an adjusted loss per share of $0.90 for the quarter, greater than the loss per share of $0.72 expected.
Its refining segment posted an adjusted pretax loss of $937 million, slightly better than the estimated loss of $951.6 million.
“Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget,” Phillips 66 CEO Mark Lashier said in a statement.
“Our assets, not impacted by planned maintenance, ran well. With the bulk of our turnarounds behind us, we are well positioned to capture stronger margins as the year unfolds.”
Shares of Phillips 66 were down 2% at $103 on Friday morning.