Phillips 66 estimates about $900 million in Q1 2026 pre-tax mark-to-market losses
Phillips 66 issued preliminary first-quarter 2026 guidance showing pre-tax losses tied to a sharp rise in commodity prices, which produced about $900 million in mark-to-market losses. The company also drew on credit lines, took a new $2.25 billion 364-day term loan and expanded its receivables securitization facility to $1.75 billion to cover a net outflow of about $3 billion in cash collateral. Results are not final and could change before the quarter closes.
- Estimated first-quarter pre-tax mark-to-market losses of about $900 million: Refining $350-450 million, Marketing and Specialties $300-400 million, Renewable Fuels $100-200 million
- Refining pre-tax loss range of $(400) million to $(200) million and Marketing and Specialties range of $(170) million to $(20) million; Midstream pre-tax income range of $550 million to $600 million
- As of March 31, 2026, liquidity was about $6 billion, with $5 billion in cash and cash equivalents; total debt about $27 billion and net debt $22 billion, with a target of $17 billion total debt by end of 2027