(Reuters) – U.S. refiner Phillips 66 posted a profit for the first quarter on Friday, compared with a year-earlier loss, as demand for fuel and refined products hovered near pre-pandemic levels.
Western sanctions on Russia following invasion of Ukraine have tightened crude oil supplies worldwide at a time when fuel demand is surging as economies reopen after a prolonged period of pandemic-related lockdowns.
The Houston, Texas-based company said its first-quarter realized refining margins rose to $10.55 per barrel from $4.36 per barrel a year earlier.
Phillips 66 also plans to resume it share buyback program in the second quarter, following its suspension in March 2020 in response to the pandemic.
The Houston, Texas-based company said net income was $582 million, or $1.29 per share, for the quarter ended March 31, compared with a loss of $654 million, or $1.49 per share, a year earlier.
(Reporting by Rithika Krishna in Bengaluru; Editing by Anil D’Silva)
