Phillips 66 Q2 Earnings Down - Quick Facts

(RTTNews) - Oil refiner and chemical maker Phillips 66 (PSX) recorded lower earnings of $863 million or $1.51 per share for the second quarter of 2014, versus $958 million or $1.53 per share, in the year-ago period. On average, 14 analysts polled by Thomson Reuters expected earnings of $1.70 per share for the quarter. Analysts' estimates typically exclude one-time items.

Commenting on the quarterly performance, Greg Garland, chairman and CEO of Phillips 66, noted: "Chemicals earnings were driven by strong olefin and polyolefin chain margins. Refining benefited from higher utilization; however, our market capture rate declined."