Phillips 66 (PSX), an integrated downstream energy provider, on Wednesday reported lower earnings for the first quarter.
Net earnings declined to $207 million or $0.51 per share form $487 million or $1.18 per share a year earlier.
Excluding one-time items, the company posted adjusted profit of $200 million $0.49 per share compared with a loss of $368 million or $0.90 per share last year.
Phillips 66 said first-quarter results were impacted by mark-to-market losses of $839 million related to short derivative positions used as economic hedges amid rising commodity prices.
Phillips 66 shares were up more than 1% in pre-market trading after closing at $165.13 on Tuesday.
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