Shale boom boosts refiners

Investor's Business Daily

Phillips 66 (PSX) said Q4 EPS was $2.06, topping views by 38 cents. The company processed 135,000 barrels per day of shale crude, a 97% increase from '11 . Phillips' refining utilization fell to 91% from 94% in '11 due to the temporary closure of a refinery in N.J. in the wake of Hurricane Sandy. Shares rose 1.5% to 60.76. Marathon Petroleum (MPC) said Q4 EPS was $2.24 per share vs. a 21-cent-per-share loss in '11. Analysts were expecting $2.10. Revenue rose 6.6% to $20.7 bil, above views. Shares rose 1.3% to 72.89. Both companies are looking to expand refining operations in the coming year.

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