Phillips 66 Q2 Profit Declines - Quick Facts

(RTTNews) - Phillips 66 (PSX), an energy manufacturing and logistics company, reported Wednesday that its second-quarter earnings were $958 million or $1.53 per share, lower than last year's $1.2 billion or $1.86 per share. Adjusted earnings were $935 million or $1.50 per share, compared to $1.4 billion or $2.23 per share in the same period last year.

The company attributed the decline in earnings mostly to the significant reduction in advantaged crude discounts and unplanned downtime in Chemicals and Refining.

Phillips 66 added that its strategy remains unchanged, and will continue to enhance refining returns through increasing use of advantaged crudes while growing higher-valued businesses.

Greg Garland, chairman and CEO of Phillips 66, said, "We continued to generate strong cash flows, despite less than favorable market conditions. Reinforcing our commitment to creating shareholder value, our board of directors has authorized another $1.0 billion of share repurchases, in addition to the previously authorized $2.0 billion program."