[1/2] A general view of the Phillips 66 refinery, as seen from the corner of Fifth Street and California Street in Rodeo, California, the oldest oil refining town in the American West, U.S. December 6, 2022.
REUTERS/Brittany Hosea-Small/File PhotoMay 3 (Reuters) - U.S. refiner Phillips 66 (PSX.N) beat Wall Street estimate for first-quarter profit on Wednesday, joining rivals in gaining from elevated margins on sustained fuel demand amid tight crude supplies.
Realized margins soared 91% to $20.72 per barrel in the first quarter from a year earlier, Phillips 66 said.
"We ran above industry-average crude utilization, successfully executed major turnarounds and increased market capture to 93%," Phillips 66's CEO Mark Lashier said in a statement.
The Houston-based refiner reported adjusted earnings of $4.21 per share for the three months ended March 31, compared with average analyst estimate of $3.56, according to Refinitiv data.