Philips 66 Q3 Profit Leaps On Growth In Refining Income; Beats View

(RTTNews) - Phillips 66 (PSX), a diversified energy company, on Tuesday announced significantly higher earnings in the third quarter ended 30 September, supported by strong refining operations and improved market capture. Earnings exceeded the Street's consensus estimate.

Earnings increased to $5.39 billion or $11.16 per share from $402 million or $0.91 per share in the third quarter of the previous fiscal.

Adjusted earnings increased to $3.12 billion or $6.46 per share as compared to $1.40 billion or $3.18 per share in the comparable prior period.

14 analysts polled by Thomson Reuters were expecting the company to report earnings of $5.04 per share. Analysts typically exclude one-time items.

"Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture," said Mark Lashier, President and CEO of Phillips 66. "Our focus remains on operating safely and reliably producing critical energy products.

Shares of Phillips 66 are currently trading in pre-market at $104.29, up $0.09 or 0.09 percent from the previous close.