Phillips 66 Sees Nearly $1 Billion in Losses as Oil Prices Surge

Phillips 66 estimated nearly $1 billion in losses from its short position in oil and other related commodity derivative contracts in the first quarter as the war in Iran sent...

By Will Kubzansky · Bloomberg

Phillips 66 estimated nearly $1 billion in losses from its short position in oil and other related commodity derivative contracts in the first quarter as the war in Iran sent crude and fuel prices skyrocketing.