(Reuters). – U.S. refiner Phillips 66 reported a quarterly profit Friday from a loss a previous year. The increase in fuel demand and improved products has helped to recover from lows caused by pandemics.

The pandemic’s worst days, which were in 2020 and has seen energy demand rebound quickly. In recent weeks, oil prices have reached multiyear highs. Margins have been boosted by an increase in product demand.

Greg Garland, Chief Executive Officer, stated that refining saw an improvement in realized margins and operated efficiently to navigate hurricane-related issues.

Refining company posted adjusted pretax income of $184 millions in the third quarter. This compares to an adjusted loss of $970million last year, and an estimated loss of $706 million in the previous quarter.

Houston’s refiner reported net income of $402 millions, or 91c per Share, in the three-month period ending Sept. 30, as compared to a loss $1.82 per Share, which was $799 Million, one year ago.