Phillips 66 (NYSE:PSX) announced Friday first-quarter earnings of $487 million, translating to a net income of $1.18 per share.
However, when adjusted for one-time gains and costs, the oil refiner reported a loss of 90 cents per share, which did not meet Wall Street's expectations.
According to a survey of five analysts by Zacks Investment Research, the average estimate was for a smaller loss of 77 cents per share.
Despite the earnings miss, Phillips 66 posted revenue of $31.73 billion for the period, exceeding Street forecasts.
Three analysts surveyed by Zacks had anticipated revenue of $30.65 billion.