Phillips 66’s Refining Segment Delivers; Strong Performance to Continue, but Shares Fully Valued
Phillips 66's adjusted earnings jumped to $1.3 billion from $569 million a year ago on strong growth across its integrated portfolio. The refining segment proved to be the engine of growth this quarter, with adjusted earnings soaring to $911 million from $233 million the year before on high utilization and favorable market conditions. Thanks to the startup of the Gulf Coast petrochemical assets, chemical earnings increased to $262 million from $196 million the year before. Midstream earnings ros...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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