Phillips 66, the largest U.S. independent refiner by sales, said first-quarter profit more than doubled as cheap U.S. oil and natural gas widened margins for the company’s refineries and chemicals plants.
Net income rose to $1.41 billion, or $2.23 a share, from $636 million, or $1, a year earlier, the Houston-based company said today in a statement. Excluding tax costs and the sale of a graphite business, per-share profit exceeded the $1.89 average of 16 analysts’ estimates compiled by Bloomberg. Sales fell 9.9 percent to $41.3 billion.
