KEY TAKEAWAYS
- Shares of Phillips 66, under pressure from activist Elliott Investment Management, fell Friday after the energy firm posted a wider-than-expected adjusted loss.
- The company posted a first-quarter adjusted loss of $0.90 per share, worse than Visible Alpha estimates of $0.72 per share.
- CEO Mark Lashier blamed the results on a “challenging macro environment” and the company’s restructuring efforts.
Shares of Phillips 66 (PSX), under pressure from activist Elliott Investment Management, fell Friday after the energy firm posted a wider-than-expected adjusted loss.
The company posted a first-quarter adjusted loss of $0.90 per share, worse than Visible Alpha estimates of $0.72 per share. Adjusted EBITDA of $736 million also came up short of analysts’ expectations.
“Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget,” CEO Mark Lashier said.
“With the bulk of our turnarounds behind us, we are well positioned to capture stronger margins as the year unfolds,” Lashier added.
Phillips 66 shares, which had lost 8% of their value this year entering Friday, slipped about 2% soon after markets opened.
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