Phillips 66 beats quarterly estimates as Iran war boosts US refining margins

Phillips 66 reported a nearly fourfold jump in second-quarter profit, significantly exceeding Wall Street estimates. This surge was attributed to the Middle East conflict which tightened global fuel supplies and dramatically increased U.S. refining margins. The company's refining segment saw adjusted earnings rise to $3.09 billion, and its net income hit $3.85 billion, marking its strongest quarterly profit since 2022.