Phillips 66 2Q profit falls 19 percent

Smaller crude price differentials, refinery outages hurt 2Q results at Phillips 66

Associated Press

HOUSTON (AP) -- Phillips 66 said Wednesday that second-quarter earnings fell 19 percent as it failed to get the price advantage it got previously from refining U.S. crude oil and dealt with refinery outages.

The refining division's adjusted earnings fell by nearly half partly due to outages at several refineries, including the Sweeny refinery built in Texas in 1942 and the Wood River refinery which began operations in Illinois in 1918. Earnings from the chemicals division fell too.

The company said it earned $958 million, or $1.53 per share, compared with $1.18 billion, or $1.86 per share, a year earlier.

Excluding a gain on asset sales, adjusted earnings were $935 million, or $1.50 per share. Revenue fell 8 percent to $43.95 billion.

Analysts expected the company to earn $1.81 per share on revenue of $42.03 billion, according to FactSet.

Phillips 66 shares rose 49 cents to $58.97 in morning trading.

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