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Phillips 66 quarterly profit falls as refining margins hit

Oct 30 (Reuters) - Quarterly profit at Phillips 66 fell sharply, as shrinking discounts for crude oil at some refineries hurt margins.

Profit in the third quarter was $535 million, or 87 cents per share, compared with $1.6 billion, or $2.51 in the same period a year earlier.

Analysts on average had expected a profit of 94 cents per share, according to Thomson Reuters I/B/E/S.