10 Energy Stocks That Crushed Earnings Estimates in the First Quarter

7. Phillips 66 (NYSE:PSX)

Number of Hedge Fund Holders: 61

Next on our list of Energy Stocks that Beat Estimates is Phillips 66 (NYSE:PSX). It is a diversified and integrated downstream energy provider that manufactures, transports, and markets products.

Phillips 66 (NYSE:PSX) reported its Q1 2026 results on April 20. The company delivered a surprise adjusted profit of $0.49 per share and exceeded expectations by $0.88, as strong refining margins and higher capacity utilization helped it offset the ​impact of volatile commodity prices.

Phillips 66 (NYSE:PSX)’s ​refining segment reported adjusted earnings of $208 million in the first quarter, swinging from a loss of $937 million in the same period last year. Moreover, the company’s realized ​refining margin climbed to $10.11 per barrel, up from $6.81 a year earlier. The refiner’s crude capacity utilization also reached 95% during the quarter, compared to 80% ​from a year ago. That said, the soaring commodity prices amid the Iran war reduced the value of the company’s hedges, offsetting gains from stronger underlying operations.

Oakmark Select Fund stated the following regarding Phillips 66 (NYSE:PSX) in its Q1 2026 investor letter:

“Phillips 66 (NYSE:PSX) was the top contributor during the quarter. The U.S.-headquartered downstream energy company’s stock price rose as it benefited from higher crack spreads (the difference in price between crude oil and refined petroleum), heightened geopolitical risk and solid fourth-quarter 2025 earnings. Fundamental results have been encouraging, and we believe PSX is set to be a major beneficiary of rising crack spreads. We continue to see PSX as a durably advantaged energy company focused on returning cash flow to shareholders.”