Oct. 26–Phillips 66 reported higher profits and revenue in the third quarter with all of its major business segments posting stronger earnings.
The Houston-based refiner on Friday reported nearly $1.5 billion in third-quarter earnings, up from $823 million last year. Revenue climbed from $25.6 billion to $29.8 billion during the same period.
Its refining business accounted for most of the growth with earnings rising to $936 million, up from $550 million a year earlier. The company reported stronger refining margins in the Central Corridor thanks to price differences between U.S. and Canadian crude oil, though its margins on the West and Gulf coasts narrowed.
The company also reported higher earnings from its chemicals business, which involves a joint venture with the oil major Chevron. Increased sales of polyethylene, a common plastic, helped boost third-quarter profits from $121 million to $210 million despite higher feedstock costs.
Higher transportation volumes helped lift the company’s third-quarter midstream earnings to $240 million, up from $117 million last year. That figure includes earnings from its equity stake in DCP Midstream, a Houston-based natural gas and pipeline company.
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