Phillips 66 (NYSE:PSX) on Monday disclosed around $900 million in pre-tax mark-to-market losses in the first quarter of 2026.

As of March 31, the net short position in crude and products-related derivative contracts stood at about 50 million barrels.

Segment Details

In the Refining segment, the company expects a negative impact of about $300 million on pre-tax results due to the standard two-week lag in Gulf Coast clean products pricing.

Also, the Midstream segment faced setbacks from producer downtime caused by Winter Storm Fern and accelerated depreciation at a Permian Basin gas plant.

In the Chemicals segment, Global O&P utilization declined due to lower operations at CPChem's Middle East joint ventures.

Moreover, the Marketing & Specialties segment experienced margin pressure from sharply rising spot prices.

Impact on Financial Metrics

Phillips 66 says that the surge in commodity prices triggered a cash ...