Refiner Phillips 66 reported a smaller-than-expected loss on Friday.

On an adjusted basis, the company reported a loss of 15 cents per share in the quarter, compared with the analyst' average estimate of 23 cents loss per share, according to data compiled by LSEG.

The Phillips 66 Wilmington refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Wilmington, California, U.S., October 17, 2024. REUTERS/Mike Blake