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

Will Kubzansky
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⚡ Quantum Brief
Phillips 66 reported nearly $1 billion in first-quarter losses due to short positions in oil and commodity derivatives, driven by surging crude and fuel prices amid escalating conflict in Iran. The refiner’s regulatory filing revealed $900 million in projected losses tied to net-short contracts on crude, refined products, natural gas liquids, and renewables feedstocks derivatives. The financial hit stems from volatile markets as Iran’s war disrupted global oil supply, causing prices to spike sharply in early 2026. Derivative contracts, intended to hedge against price fluctuations, backfired as unexpected geopolitical tensions outpaced risk models. This marks one of the largest quarterly losses for Phillips 66 linked to commodity trading, underscoring vulnerabilities in energy market exposure during crises.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Phillips 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.The refiner projects impacts of $900 million on its standard net-short position on crude, refined oil products, natural gas liquids and renewables feedstocks-related derivative contracts, according to a regulatory filingBloomberg Terminal Monday.

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