Phillips 66 Profit Doubles as Oil Costs Slide in Quarter
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Phillips 66, the largest U.S. refining company by market value, reported a surge of cash in the third quarter as lower crude-oil prices spurred a more than doubling in profit.
The biggest decline in crude prices since the global financial crisis has benefited refiners like Phillips 66 that process it into gasoline, diesel and other products. Benchmark U.S oil futures averaged $97.25 a barrel during the quarter, down 8.1 percent from a year ago amid a boom in North American production from shale. The difference between U.S. and international oil prices also widened in the quarter, helping refiners who use the cheaper crude.