Phillips 66 (PSX) shares dropped in intraday trading Friday after the energy producer’s quarterly profit fell as refining margins thinned.

The company reported first-quarter net earnings slumped 61.9% to $748 million, with adjusted earnings of $822 million, or $1.90 per share, short of estimates. Rev♈enue rose 3.8% to $36.44 billion, ahe🐟ad of forecasts.

Phillips 66 noted that its realized refining margins dropped to $10.91 per barrel, nearly half of what they were a year earlier. Market capture, which measures refining profit to industry standards, fell to 69% from 93%.

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Mark Lashier explained that the results “were affected by maintenance that limited our ability to make higher-value products.” He added profits were also impacted by the conversion to renew✃able fuels at the company’s Rodeo, Calif., refinery, and rising commodity prices affecting its inventory hedge positions.

Shares of Phillips 66 hit an all-time high earlier this month, and even with today’s 3.7% selloff to $151.48 as of 10:45 a.m. ET, they are up about 14% year-to-date.