Phillips 66 Profit Rises Amid Higher Refining Margins
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Phillips 66, which became the largest U.S. independent refiner after its spinoff from ConocoPhillips earlier this year, said third-quarter profit rose 52 percent as the margin between oil costs and fuel prices widened.
Net income rose to $1.6 billion, or $2.51 a share, from $1.05 billion, or $1.65, a year earlier, Houston-based Phillips 66 said today in a statement. Profit excluding asset writedowns, early debt payoffs and other one-time items was $2.97 a share, 61 cents more than the average of 15 analysts’ estimates compiled by Bloomberg. Adjusted profit in the company’s chemicals business rose 42 percent to $275 million.