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Refiner Phillips 66 posts wider quarterly loss due to lower oil demand

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US refiner Phillips 66 Partners reported wider losses from the previous quarter, on lower oil demand following renewed COVID-19 travel restrictions.

The company reported adjusted net loss of $507 million, or $1.16 per share, in the fourth quarter, compared with a loss of $1 million, or 1 cent per share, in the third quarter.

“We delivered another quarter of strong operating performance, demonstrating the reliability of our assets and the stability of our portfolio in a challenging market environment,” said Greg Garland, Phillips 66 Partners’ chairman and CEO.

He added: “South Texas Gateway Terminal reached a major milestone with the completion of the second dock and loading of its first Very Large Crude Carrier, and we continue to advance C2G pipeline construction. We remain focused on reliable operations, completing our projects and disciplined capital allocation.”

On January 19, 2021, the general partner’s board of directors declared a fourth-quarter 2020 cash distribution of $0.875 per common unit, or $3.50 per unit on an annualized basis.

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