A Phillips 66 sign is seen at a gas station in Wheeling, suburb of Chicago, Illinois, United States on October 27, 2016. REUTERS / Jim Young

October 29 (Reuters) – US refiner Phillips 66 (PSX.N) posted quarterly profit on Friday compared to a loss a year ago, as demand for fuel and refined products rebounded from lows pandemics thanks to COVID-19 vaccinations and the relaxation of restrictions on movement.

Energy demand recovered quickly from the worst days of the pandemic in 2020, and prices for Brent and U.S. crude oil have hit multi-year highs in recent weeks. But the demand for products also increased, which helped to increase the margins.

“In Refining, we have seen a noticeable improvement in realized margins, performed well and overcome hurricane challenges,” CEO Greg Garland said in a statement.

The company’s refining operations posted adjusted pre-tax profit of $ 184 million in the third quarter, compared to an adjusted pre-tax loss of $ 970 million last year and a loss of $ 706 million in the prior quarter.

The Houston, Texas-based refiner said its net profit was $ 402 million, or 91 cents per share, for the quarter ended Sept. 30, from a loss of $ 799 million, or 1, $ 82 per share, a year earlier.

Report by Arunima Kumar in Bangalore; Edited by Ramakrishnan M.

Our Standards: The Thomson Reuters Trust Principles.

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