Valero Energy reported a first-quarter loss for 2025, attributed to lower margins and impairment charges. Meanwhile, Phillips 66 ($PSX) also posted a larger-than-expected quarterly loss. The company reported adjusted earnings per share (EPS) of negative $0.90, compared to an estimated loss of $0.73 per share. Phillips 66 recorded an adjusted pretax loss of $416 million, exceeding the estimated $361.8 million. The chemicals segment posted an adjusted pretax profit of $113 million, and the midstream segment reported an adjusted pretax profit of $683 million. Phillips 66's reported net income was $487 million, or $1.18 per share, but this included a $246 million pre-tax accelerated depreciation charge related to the Los Angeles Refinery. The company returned $716 million to shareholders through dividends and other means. Revenue for Phillips 66 was $31.7 billion, slightly below expectations of $31.92 billion. The marketing and specialties segment performed strongly, while the refining segment posted losses due to major turnarounds. Additionally, Phillips 66 highlighted that a new Permian gas plant is strengthening its integrated strategy.