US refining company Phillips 66 has reported a $2.5bn loss in the first quarter of 2020.
In a statement, a company spokesperson said this figure was affected by its investment in DCP Midstream and the loss of value of its assets. Without these, the company would have earned $450m.
This loss follows earnings of $736m in the previous quarter. Chairman and CEO Greg Garland said: “We suspended share repurchases and are reducing capital spending and operating costs. We also secured a new $2 billion term loan facility and completed $1 billion in bond issuances.
“Refining reduced production in response to lower product demand and weak margins. These prompt actions enhance liquidity, support the dividend and protect our strong investment grade credit rating.”