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Why Is Phillips 66 Stock Gaining Today?

Phillips 66 (NYSE:PSX) shares are trading higher after it reported second-quarter FY24 results. Revenue of $38.911 billion exceeded the consensus of $35.426 billion. Adjusted EPS of $2.31 topped the consensus of $1.98. Midstream segment adjusted pre-tax income stood at $753 million, versus $613 million in the first quarter of FY24. The Chemicals segment adjusted pre-tax income stood at $222 million versus $205 million in the prior quarter. The Refining segment adjusted pre-tax income stood at $302 million versus $313 million in the prior quarter, and the Marketing and Specialties segment adjusted pre-tax income rose ...