Refiner Phillips 66 quarterly profit beats estimates
(Reuters) — US independent oil refiner Phillips 66 reported a bigger-than-expected rise in quarterly profit helped by strength in its chemicals and refining units.
The company said earnings from its refining business, its biggest income generator, rose more than 50% to $224 MM in Q2 2017 due to higher volumes and lower costs.
Phillips 66, which also stores and transports fuels, said earnings from its chemicals business rose to $196 MM from $190 MM helped by higher volumes and improved margins.
Consolidated earnings rose to $550 MM, or $1.06 per share, in Q2 2017 ended June 30, from $496 MM, or 93 cents per share, a year earlier.
On an adjusted basis, Phillips 66 earned $569 MM or $1.09 per share. That was higher than analysts' expectation of $1.01 per share, according to Thomson Reuters I/B/E/S.
Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta
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