Phillips 66 forecasts up to $1B in derivatives losses as oil prices rise

Phillips 66 forecasts up to $1B in derivatives losses as oil prices rise

Seeking Alpha business

Key Points:

  • Phillips 66 reported that its first-quarter results were negatively impacted by a sharp rise in commodity prices.
  • The company anticipates up to $1 billion in pre-tax mark-to-market losses related to derivatives.
  • The losses are linked to volatile oil prices amid ongoing tensions in the Middle East.
  • This financial impact was disclosed in an official 8-K filing on Monday.

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