Demand And SupplyThe relatively soft demand environment and increased supply from refiners running at high utilization rates have weighed on crack spreads.
Financial PerformanceAnalyst is reducing Q2'24 and FY'24 EPS estimates to reflect weaker refining margin realizations, softer wholesale margins, and continued challenging RD market conditions.
Operational PerformancePSX reported weaker-than-expected results, with headwinds in Refining only partly offset by Chemicals and Midstream and Marketing & Specialties roughly in line.