Phillips 66 Q4 Loss Narrows
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new refining capacityReuters
•Business
Business & Economics
Phillips 66 reports smaller-than-expected fourth quarter loss on renewables strength

81% Informative
The renewables fuels segment reported a quarterly profit of $28 million , compared to a loss of $11 million from a year earlier .
The U.S. refining industry saw exceptional profits for two years following supply shortages from Russia 's invasion of Ukraine .
New refining capacity came online at the end of 2023 , causing margins to return to normal levels.
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