Key Highlights

  • Phillips 66 (NYSE:PSX) is expected to report EPS of USD 11.84 before the open on October 28, 2026, according to a published earnings calendar, though the figure looks high and needs checking.
  • HF Sinclair (NYSE:DINO) is expected to report EPS of USD 7.67 in the same pre-market window, also a figure that looks high against typical quarterly earnings for the company.
  • Refiners fell 8% to 10% on Tuesday, October 27, 2026, and the cause of the selloff was not established, which leaves both reports as a first read.
  • Brent above USD 109 raises crude costs, so refining margins, the gap between product prices and crude, are the decisive number for both companies. That gap decides profit more than the crude price.

Phillips 66: A High Estimate to Check

Phillips 66 (NYSE:PSX) is forecast at EPS of USD 11.84. That figure looks high, and an estimate this large may reflect a data error or a one-off item, so it should be verified against other providers and the company's own release. Phillips 66 combines refining with midstream, chemicals and marketing, so its results depend on several lines at once. The refining line moves with the crack spread, which is the difference between the price of refined products and the price of crude. A wide spread lifts profit, while a narrow spread squeezes it, even when headline crude prices are high. Chemicals and midstream earnings add stability, but refining remains the swing factor.

HF Sinclair and the Selloff

HF Sinclair (NYSE:DINO) is forecast at EPS of USD 7.67, a figure that also looks high and may be affected by data errors, since one calendar lists the company under its former name, HollyFrontier. The company is a pure-play refiner, so its earnings swing more with margins than a diversified peer's. Refiners fell 8% to 10% on October 27, 2026, a drop whose cause was not established, so the reports are the first chance to hear from managers. Investors will ask about throughput, product inventories, crude costs and shareholder returns. Management comments on turnarounds, planned maintenance and export demand for diesel and jet fuel may also shape expectations for the rest of the year.

Risks and What to Watch

Brent above USD 109, with published quotes differing by several dollars, and Middle East disruption can push crude costs up faster than product prices. A Houthi claim of an attack on Ras Tanura, as reported and not confirmed, adds to supply risk. The Federal Reserve decision at 2:00 p.m. ET on October 28, 2026, a hold priced near 93%, follows the reports. Investors should watch crack spreads, utilization, inventory levels and buybacks. Neither company has reported yet, and both estimates are approximate until verified against the releases. Dividends and share repurchases are further items, since refiners often return large amounts of cash when margins are wide.

Where Things Stand

The answer is that Phillips 66 and HF Sinclair (NYSE:DINO) report before the open on October 28, 2026 with consensus EPS of USD 11.84 and USD 7.67, though both figures look high and need verification. Tuesday's refiner selloff makes the first read important, and crack spreads will matter more than crude alone. Neither result is known yet. This is not investment advice. A result after the open will be compared with the estimates.