Phillips 66 reports $2.5B loss, adjusted earnings beat estimate

Phillips 66 (NYSE: PSX), the largest Houston-based public company by revenue, is the latest local company to report a multibillion-dollar loss for the first quarter due to a write-down.

The energy manufacturing and logistics company’s net loss of nearly $2.5 billion, or $5.66 per share, compared to earnings of $204 million, or 44 cents per share, in the first quarter of 2019. However, when excluding $2.9 billion of special items, the company’s Q1 2020 adjusted earnings were $450 million, or $1.02…


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