Phillips 66 Sees Nearly $1 Billion in Losses as Oil Prices Surge

Phillips 66 estimated nearly $1 billion in losses from its short position in oil and other related commodity derivative contracts in the first quarter as the war in Iran sent crude and fuel prices skyrocketing.

The refiner projects impacts of $900 million on its standard net-short position on crude, refined oil products, natural gas liquids and renewables feedstocks-related derivative contracts, according to a regulatory filing Monday.