Phillips 66's Third-Quarter Earnings Drop Across the Board, Led by Refining; Shares Overvalued
Phillips 66 reported a sharp drop in adjusted earnings to $556 million from $1.6 billion in the third quarter as all four of its segments posted earnings declines from the year before. The refining segment realized the largest drop, with adjusted earnings falling to $134 million from $1.1 billion last year. We do not see the current quarter indicative of Phillips 66’s long-term earnings power, and our fair value estimate and moat rating are unchanged.Of note is the refining segment, which is b...
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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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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