On Tuesday October 29, Phillips 66 (P66) reported a third-quarter pre-tax loss of $116 million for its renewable fuels segment. The loss compares unfavorably to the $22 million profit in the third quarter of 2023 and raises the year-to-date loss to $226 million for the nine months to September 30.
“The renewable fuels sector experienced lower realized margins,” chief financial officer Kevin Mitchell said in an earnings call. The loss in the renewables segment was greater than the $108 million loss in the refining segment during the third quarter.
P66’s renewable segment includes operations at the Rodeo Renewable Energy complex in California and its co-processing facility in the UK.
“The Rodeo facility produced 44,000 barrels per day (bpd) of renewable fuels during the third quarter,” Mitchell said. This is just below the expected full-capacity output of 50,000 bpd.
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