Phillips 66 Q3 Profit Surges - Quick Facts

(RTTNews) - Oil refiner and chemical maker Phillips 66 (PSX) reported net earnings for the third quarter of $1.18 billion or $2.09 per share, up sharply from $535 million or $0.87 per share, in the year-ago period.

Adjusted net income for the quarter was $1.14 billion or $2.02 per share, compared to $521 million or $0.85 per share in the previous-year quarter. On average, 16 analysts polled by Thomson Reuters expected earnings of $1.75 per share for the quarter. Analysts' estimates typically exclude one-time items.

Greg Garland, chairman and CEO of Phillips 66, said, "Our operations ran well during the third quarter, capturing strong margins in our refining and marketing businesses. Chemicals earnings were also strong despite the impact of unplanned downtime."