Phillips 66 suffered a big loss in the first quarter

World World: Phillips 66 on Friday released first quarter results that showed a bigger loss than experts had predicted. Refining margins declined due to extensive repair and turnaround activities in the US refining sector, which affected the company’s performance. US refineries often conduct seasonal repairs in preparation for the summer driving season, when fuel demand increases significantly.

The company’s CEO said, “Our results reflect not only a challenging macro-environment, but also the impact of one of our largest spring turnaround programs.” Phillips 66’s refining unit lost $937 million in the first quarter, compared to a profit of $216 million in the same period last year.

The company’s refining margin fell to $6.81 per barrel from $11.01 per barrel last year. Refinery utilization rate was 80%, compared to 92% last year.