Phillips 66 earnings rise on refining margins

HOUSTON (AP) -- Phillips 66 said Wednesday that its profit jumped 52 percent as income in its core refining segment more than doubled.

The company, which was spun off from ConocoPhillips in May, earned $1.6 billion, or $2.51 per share, compared with $1.05 billion, or $1.65 per share, a year earlier.

Adjusted to exclude several one-time charges, the company made $2.97 per share in the most recent quarter, compared with $2.40 per share a year ago.

Revenue fell to $43.9 billion from $51.26 billion a year ago.

Analysts expected a profit of $2.34 per share on revenue of $51.38 billion, according to FactSet.

Refinery and marketing earnings more than doubled to $1.65 billion in the quarter, due to a steep improvement in refining margins. Average worldwide crack spreads — the difference between the barrel price of crude and the sale proceeds of refined products — jumped 40 percent.

The company's midstream segment, involving processing and storing, lost $77 million in the quarter because of its DCP Midstream investment.

Chemicals segment earnings fell to $153 million from $193 million a year earlier.

Phillips 66 shares fell 48 cents to $47.02 in afternoon trading.