EarningsAnalyst is reducing Q2'24 and FY'24 EPS estimates to reflect weaker refining margin realizations, softer wholesale margins, and continued challenging RD market conditions.
Financial PerformanceMargins for the company were further impacted by narrower WCS crude differentials with the TMX linefill.
Operational ChallengesPSX reported EBITDA, FCF, and EPS misses, with weaker-than-expected results in Refining, impacted by the renewable fuels conversion at Rodeo, maintenance, and the impact of rising commodity prices on product values and inventory hedge positions.