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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
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(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.

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