Phillips 66 announced that it beat Wall Street estimates for its second-quarter profit. This positive financial performance was primarily driven by higher refining margins experienced during the period.
The company's results were also bolstered by lower turnaround expenses, indicating improved operational efficiency and cost management. This suggests a rebound in the refining segment's profitability compared to previous quarters.
The stronger-than-expected profit signals a favorable market environment for refiners and effective management of maintenance activities. This performance contributes positively to Phillips 66's overall financial outlook.
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