Houston-based refiner Phillips 66 has recorded net losses of $141 million in second-quarter, in a marked improvement from its first-quarter performance, Kallanish Energy reports.

The second-quarter losses, announced on Friday, represent a major fall from the $1.4 billion net profit posted during the same period last year, but a significant improvement from the $2.5 billion net loss recorded during the first quarter this year.

The company’s second-quarter results were attributed to disrupted demand for refined product as a result of the Covid-19 pandemic and weak margins across its business.

In the midstream segment, which includes pipelines and the natural gas liquids segment, Phillips 66 recorded a net income of $324 million during second quarter, a 23% year-on-year decrease from Q2 2019, when it recorded net income of £423 million.

In comparison, the company posted a net loss of $702 million during the first quarter of this year, which included a £1.2 billion impairment of Phillips 66’s equity investment in DCP Midstream.

During the second-quarter period, full operations commenced on the Grey Oak Pipeline, from West Texas and Eagle Ford to Texas Gulf Coast destinations. Phillips 66 holds a 42.25% ownership interest in the pipeline, which has a capacity of 900,000 barrels per day.

In its refinery earnings, Phillips 66 recorded a second-quarter a net loss of $878 million, down from the net income of $983 million posted in second-quarter last year. However, the second-quarter figure was substantially higher than the $2.26 billion net loss recorded during the first quarter of this year, which included a $1.8 billion goodwill impairment.

This post appeared first on Kallanish Energy News.