Crude Awakening at Phillips Petroleum

Updated from 10:31 a.m. EDT

Phillips Petroleum's (P Quote) warning of a significant first-quarter shortfall Tuesday could be the first of several negative preannouncements among oil refiners over the coming days and weeks, analysts say.

"This is a function of the macro environment, not so much a Phillips-specific problem," said Tyler Dann, an analyst at Banc of America. "You're going to see other companies" warn, too.

Phillips said it expects a "slight" net operating loss in the first quarter, well below analysts' 37-cent earnings estimate, because of weak refining and marketing margins. ...