Phillips 66 Reports Strong Earnings Growth Across the Board; Shares Trade at Slight Discount to FVE
Phillips 66 was firing on all cylinders in the third quarter, with each of its segments reporting year-over-year increases to drive adjusted earnings to $1.5 billion from $858 million the year before. Refining continues to be the primary driver thanks to wide crude spreads and strong product margins. Phillips 66's midcontinent refineries were able to capitalize on wide Western Canadian Select differentials to drive segment adjusted earnings to $959 million from $548 million the year before. Mids...Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The company's segments include: Midstream, which provides crude oil and refined petroleum product transportation, terminaling and processing services, as well as natural gas and natural gas liquids transportation, storage, processing and marketing services; Chemicals, which manufactures and markets petrochemicals and plastics on a worldwide basis; Refining, which refines crude oil and other feedstocks into petroleum products; and Marketing and Specialties, which purchases for resale and markets refined petroleum products, mainly in the United States and Europe.
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