Refiner Phillips 66 down after bigger-than-expected Q1 loss

U.S. refiner Phillips 66's PSX.N shares down 1.9% to $102.74

Company reports bigger-than-expected Q1 loss, hurt by lower refining margins

Q1 adj loss 90 cents/shr vs est of loss of 72 cents/shr - LSEG

Q1 refining margins fall 38% to $6.81/bbl and turnaround expenses more than double to $270 million

PSX says it is constructing a 300 million cubic feet per day gas plant in Permian Basin, with operations expected to commence in 2027

Company's shares further pressured by declining oil prices; stock biggest pct loser on S&P 500 energy index .SPNY

Including session's moves, PSX shares down 10.1% YTD