Why gas prices in California ‘have gone ballistic' [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
The Golden State's average at the pump surged by $0.23 to $5.27 per gallon on Friday from a week ago, according to AAA data. Meanwhile, the nationwide average sat at $3.54 per gallon on Friday, up $0.04 during the same period. Tom Kloza, global head of energy analysis at OPIS, points to refinery challenges as the main culprit for California's surging prices, including an important Phillips 66 refiner in the Bay Area halting gasoline production in favor of renewable diesel. “Throw in regularly scheduled maintenance that will occur at two critical refineries in May and the normal penchant for speculative buying in global markets in the second quarter, and you have wholesale prices that have gone ballistic,” he said. Kloza calculates gasoline in San Francisco, less taxes and other costs, is selling at a premium of almost $60 per barrel more than current crude levels. On Friday West Texas Intermediate ( CL=F ) futures topped $86 per barrel while Brent ( BZ=F ), the international
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News
- PBF Energy beats first-quarter profit estimates on stable demand [Reuters]Reuters
- Phillips 66 (NYSE:PSX) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Phillips 66 First Quarter 2024 Earnings: EPS: US$1.74 (vs US$4.21 in 1Q 2023) [Yahoo! Finance]Yahoo! Finance
- Phillips 66 (NYSE: PSX) had its price target lowered by analysts at Barclays PLC from $155.00 to $147.00. They now have an "equal weight" rating on the stock.MarketBeat
- Traders scramble for US storage as distillates demand disappoints [Reuters]Reuters
PSX
Earnings
- 4/26/24 - Miss
PSX
Sec Filings
- 5/2/24 - Form 4
- 4/30/24 - Form 8-K
- 4/29/24 - Form 10-Q
- PSX's page on the SEC website