Earnings RevisionsLowering Q1'24 estimates on slightly softer refining/midstream performance, but no major changes to outlook.
Financial PerformancePSX reported weaker-than-expected results, with headwinds in Refining only partly offset by Chemicals and Midstream.
Sector ChallengesHigh chemical business exposure in US and EU could remain challenged despite some recovery in China, leading to a HOLD rating.