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Refiner Phillips 66 posts profit as fuel demand hits pre-pandemic level By Reuters

© Reuters. FILE PHOTO: A general view of the Phillips 66 Company’s Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, at sunset in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan

(Reuters) – U.S. refiner Phillips 66 (NYSE:) 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 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.

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