Philip 66 out with quarterly results. Earnings came in at $2.50% a 52 cents a share. That was much better than the $2.17% that the street had been expecting.Company operating at 99% capacity utilization and refining during the quarter and it generated $1.2% billion of net operating cash flow. Joining us right now to talk about the results is Mark Laser. He is Philip 66 chairman and CEO.And Mark, thanks for being here today. It looks like the stock is up by about half percent on this news. These numbers are ...

Core Insights - ExxonMobil has restarted the gasoline-producing fluid catalytic cracking unit (FCCU) at its Beaumont, Texas refinery after a brief unexpected shutdown [1][2] Group 1: Incident Overview - The FCCU, with a capacity of 120,000 barrels per day, went offline due to a malfunction, causing visible flaring across the refinery [2] - The shutdown lasted approximately two days, with the unit brought back online late Thursday [2][3] Group 2: Refinery Significance - The Beaumont facility is one of the largest in the U.S., currently operating at 612,000 barrels per day, producing significant volumes of gasoline, diesel, and jet fuel [3] - The FCCU plays a crucial role in converting heavy gas oils into high-value gasoline blendstocks for U.S. fuel markets [3] Group 3: Market Implications - Any prolonged outage could disrupt gasoline supply chains, especially as inventories are tight heading into the winter blend transition [4] - Current Gulf Coast gasoline stockpiles are near their five-year average, and refiners are preparing for seasonal maintenance amid weaker demand signals [4] - Market reaction to the incident was muted, indicating expectations for a quick normalization of output [4][5] Group 4: Industry Context - The incident highlights the finely tuned nature of U.S. refining capacity, where even minor mechanical failures can impact market stability [5] - The Beaumont complex's recent expansion to process more domestic light crude is critical for maintaining balance in the refining sector [5][6]

Ukraine has taken out up to 20% of Russia’s refining capacity, according to some estimates. That is a loss of over 1m barrels of petrol and diesel a day. Can Russia cope? https://t.co/kz1m9SslbR ...