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Phillips 66 reports 4.3% rise in second-quarter profit

July 26 (Reuters) - U.S. refiner Phillips 66 reported a 4.3% rise in quarterly adjusted profit on Friday as strength in its pipeline business more than offset weak refining margins.

Adjusted earnings rose to $1.38 billion, or $3.02 per share, in the second quarter ended June 30, from $1.32 billion, or $2.80 per share, a year earlier.

Realized refining margins fell to $11.37 per barrel in the quarter from $12.28 per barrel a year earlier. (Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur)