Phillips 66 Profit Plummets In Q3, Misses View - Quick Facts

(RTTNews) - Phillips 66 (PSX), an energy manufacturing and logistics company, reported a plunge in third-quarter earnings to $535 million, from $1.6 billion in the 2012 period, with earnings per share falling sharply to $0.87, from last year's $2.51. Adjusted earnings amounted to $1.9 billion, or $2.97 per share in the same period last year. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.94 for the quarter. Analysts' estimates typically exclude one-time items.

According to the company, weaker refining margins significantly impacted its earnings, while chemicals posted strong earnings due to solid utilization rates and good margins.

In total, the company has the capacity to export nearly 340,000 barrels per day from its domestic refineries. Over the next several years, Phillips 66 expects to increase its export capability to 500,000 barrels per day. Further, the company plans to expand its fuel marketing business in Europe, as part of its plan for selective growth in the Marketing and Specialties segment. Over the next five years, the firm expects to build around 200 new retail sites, which will market motor fuels under the JET brand.

During the quarter, Phillips 66 generated $1.9 billion of cash from operations, $1.1 billion in proceeds from asset dispositions and $404 million in net proceeds from Phillips 66 Partners' initial public offering.