Phillips 66’s Refining Margins Per Barrel (2017-2021)

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This chart shows Phillips 66’s Refining Margins Per Barrel across Atlantic/Europe, Central corridor, Gulf Coast and West Coast regions, reported from 2017 onwards on a quarterly basis.
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This chart shows Phillips 66’s Refining Margins Per Barrel across Atlantic/Europe, Central corridor, Gulf Coast and West Coast regions, reported from 2017 onwards on a quarterly basis.

Phillips 66 refining margin per barrel in different regions

Regions Q3 2020 Q2 2021 Q3 2021 Margin contribution by percentage for Q3 2021
Atlantic basin/Europe $1.7 $4.6 $9.3 21.30%
Central corridor $4.5 $6.4 $12.5 28.65%
Gulf Coast -$0.6 $2.1 $5.8 13.21%
West coast $2.2 $3.4 $7.5 17.14%
Worldwide $1.8 $3.9 $8.6 19.69%
Total $9.5 $20.4 $43.5 100.00%

(all figures in amount per barrel)

The realized refining margins measure the difference between (a) sales and other operating revenues derived from the sale of petroleum products manufactured at refineries and (b) costs of feedstocks, primarily crude oil, used to produce the petroleum products. The realized refining margins are adjusted to include a proportional share of joint venture refineries’ realized margins, as well as to exclude those items that are not representative of the underlying operating performance of a period.

Phillips 66’s total refining margin per barrel was $43.5 in Q3 2021. The total refining margin increased by 357.62% on a year-on-year basis. The refining margin in all the regions has shown tremendous growth in the Third Quarter of 2021. The total margin increased by 113.12% as compared to the previous quarter of 2021.

Due to the easing of pandemic restrictions and the administration of COVID-19 vaccines, Global refined product demand has been steadily recovering through 2021. As has volume increased consequently, refining margins have also improved. The improved realized refining margins were mainly attributable to increased market crack spreads, partially offset by higher RIN costs, lower clean product differentials and decreased secondary products margins.

The improvement in the refining margins in different regions is as follows:

Atlantic basin/Europe

The refining margin in the Atlantic basin/Europe was $9.3 per barrel in Q3 2021, which was a 461.82% increase on a year-on-year basis from $1.7  per barrel in Q3 2020. It increased by 100.22% on a Quarter-on-quarter basis from $4.6 per barrel in Q2 2021. The refining margin from the Atlantic basin/Europe contributes to 21.30% of the total refining margin of Phillips 66.

Central Corridor

Phillips 66 has the highest refining margin in this area. It is $12.5 per barrel in Q3 2021, which is a 94.84% increase on a quarter-on-quarter basis from $6.4 per barrel in Q2 2021. The refining margin increased by 179.60% from $4.5 per barrel in Q3 2020 to $12.5 per barrel in Q3 2021. The refining margin in the Central Corridor contributes to 28.65% of the total refining margin in Q3 2021.

Gulf Coast

The refining margin in the gulf coast was $5.8 per barrel. The refining margin the previous year was -$0.6 per barrel, however from the fourth quarter of 2020 it started increasing to a positive figure and contributed 13.21% of the total refining margin in Q3 2021.

West Coast

The refining margin on the west coast was $7.5 per barrel. It increased by $5.3 per barrel on a year-on-year basis. In the third quarter of 2021, the refining margin increased by $4.1 per barrel which is a 121.36% improvement on a Quarter-on-quarter basis. It contributes to 17.14% of the total refining margin in Q3 2021.

Worldwide

Worldwide the refining margin in Q3 2021 was $8.6 per barrel, which is a 118.62% increase from the previous quarter Q2 2021. The refining margin has increased by 381.46% as compared to last year’s third quarter, which was $1.8 per barrel. This margin contributes to 19.69% of the total refining margin of Phillips 66 in Q3 2021.

About the Company

Phillips 66, has its headquarter in Houston, Texas, was incorporated in Delaware in 2011. It was incorporated in connection with, and in anticipation of, a restructuring of ConocoPhillips. ConocoPhillips separated its downstream businesses into an independent, publicly-traded company named Phillips 66. Phillips 66 stock trades under the “PSX” Stock Symbol on the New York Stock Exchange.

The Company’s business is organized into four operating segments: Midstream, Chemicals, Refining and Marketing and Specialties (M&S)

The company holds a total of 501 active patents in 22 countries worldwide, including 391 active U.S. patents.

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