Continuing to profit from lower-priced U.S. shale oil, Phillips 66 announced Wednesday first-quarter earnings of $1.4 billion, or $2.23 per share.
That’s more than twice the profit from the first quarter of 2012, although it’s not an exact comparison — Phillips 66 split off from ConocoPhillips in May 2012, so the two companies were combined for the first quarter of last year.
At that time, they reported first-quarter earnings of $636 million.
Greg Garland, chairman and CEO of Phillips 66, attributed the new company’s strong results to favorable chemicals and refining margins.
“We also are investing in the continued growth of our business,” he said in a statement. “Our plans for a new natural gas liquids fractionator on the Gulf Coast reinforce our commitment to the American energy landscape and highlight our unique opportunities across the downstream value chain.”
Phillips 66 operates 15 refineries and a large chemical business, Chevron Phillips. It also operates a midstream business, DCP Midstream.
The refining segment recorded first-quarter earnings of $922 million, and adjusted earnings of $909 million. Adjusted earnings were $455 million higher than the first quarter of 2012, primarily reflecting higher gasoline and distillate market crack spreads, the company said.
The company reported processing 221,000 barrels per day of Eagle Ford, Bakken and Mississippian Lime crudes. Those numbers represented a 120,000 barrel-per-day increase over the first quarter of 2012.
The chemicals earnings were $282 million, up $65 million from the first quarter of 2012.
Phillips 66 has been busy this spring, jumping on a number of trends intended to boost its value. In addition to announcing plans for a 100,000-barrel-per-day natural gas liquids fractionator in Old Ocean, near the company’s refinery in Sweeny, in March it filed plans with..