- Reuters•2 hours ago
Phillips 66 joined larger rival Valero Energy Corp in saying that refiners are expected to process less crude in the second half of the year as margins shrink due to a gasoline glut. Phillips 66's profit halved in the second quarter as earnings from its refining business plunged 75.3 percent. "My personal view is we've got a lot of inventory stacked up," Chief Executive Greg Garland said on a post-earnings call.
- Zacks•5 hours ago
Phillips 66 (PSX) posted adjusted second-quarter 2016 earnings of 94 cents per share that beat the Zacks Consensus Estimate of 91 cents.