Phillips Petroleum Sees 1st-Quarter Loss

Phillips Petroleum Co., which acquired oil-refiner Tosco Corp. last year, said it probably had a first-quarter loss as profitability on making fuel plunged to its lowest level in a decade.

The loss from refining and marketing was “significant,” and the company’s loss from operations was “slight,” Phillips said. Analysts had expected a profit of 37 cents a share.

Refiners in the U.S., including BP and Exxon Mobil Corp., were hurt by the rising cost of buying crude oil and by weaker demand for fuel, analysts said. A mild winter reduced heating-oil use, and a decline in travel hurt demand for jet fuel.

Phillips shares fell $1.81, or 2.9%, to $60.05 on the NYSE.