Investing.com - Financial Markets Worldwide
Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

UPDATE 1-U.S. refiner Phillips 66 reports better-than-expected profit

Published 2016-01-29, 07:36 a/m
UPDATE 1-U.S. refiner Phillips 66 reports better-than-expected profit
NG
-
PSX
-

(Adds details)
Jan 29 (Reuters) - U.S. refiner Phillips 66 (N:PSX) PSX.N reported
a better-than-expected quarterly profit, helped by robust
gasoline margins due to lower crude costs.
The company's shares were up about 1 percent at $79.75 in
premarket trading on Friday.
Adjusted earnings, excluding special items of $60 million,
were $710 million, or $1.31 per share, beating analysts' average
estimate of $1.25 per share, according to Thomson Reuters
I/B/E/S.
However, the company's quarterly profit was hurt by lower
earnings from its midstream and chemicals businesses.
Adjusted earnings at the company's midstream business more
than halved to $42 million in the quarter, hurt by a fall in
natural gas prices.
The company's consolidated earnings fell to $650 million, or
$1.20 per share, in the fourth quarter ended Dec. 31, from $1.15
billion, or $2.05 per share, a year earlier.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.