Phillips 66 profit slumps on weaker refining margins

|About: Phillips 66 (PSX)|By:, SA News Editor

Phillips 66 (PSX) -1.8% premarket as Q3 earnings declined 67%, hurt by a loss in its refining segment due to weaker refining margins.

The refining segment swung to a $2M loss from a year-earlier profit of $1.5B; during the quarter, 66% of PSX's U.S. crude slate was advantaged vs. 63% a year earlier.

However, the chemical segment's earnings increased to $262M from $153M last year due to solid utilization rates and stronger margins.

The midstream segment reported a $148M profit from a year-earlier loss of $72M as margins and volumes improved.

Says it expects to increase export capability to 500K bbl/day over the next several years.