Phillips 66’s Chemical and Midstream Segment Help Mitigate Impact of Heavy Turnaround Schedule
Phillips 66 posted a modest decline in first-quarter earnings as a heavy turnaround schedule negatively affected refining earnings and weaker marketing earnings offset gains in the midstream and chemicals segments. Total adjusted earnings amounted to $294 million, compared with $360 million the year before. The refining segment posted the largest absolute movement, with adjusted earnings falling to a loss of $2 million from profit of $86 million last year as turnaround reduced utilization to 84%...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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