Phillips 66 posted a surprise profit as refining margins beat expectations

The Houston-based refiner earned $207 million in the first quarter, reversing a loss from a year earlier, as crude utilization hit 95%

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Phillips 66 $PSX reported first-quarter earnings of $207 million, or $0.51 per diluted share, reversing a loss of $368 million on an adjusted basis from the same period a year earlier. Adjusted earnings came in at $200 million, or $0.49 per share.

Wall Street had expected a loss of $0.40 per share on an adjusted basis, per Reuters, which cited LSEG data.

The refining segment was the........

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