- Phillips 66 (PSX) -2.1% in early trading after Q4 earnings rose 17% but adjusted earnings in the refining sector fell 53% as margins fell in all regions except the Gulf coast.
- Total revenue rose 1.7% to $43.8B, ahead of analyst expectations for $42.1B.
- Increased total exports of refined petroleum products to 197K bbl/day during Q4, up 32% Y/Y; processed 257K bbl/day of tight oil, up from 111K in the same period the year before.
- Refining segment revenue totaled $450M, up 24% Y/Y; income from PSX's midstream business rose 70% to $121M; chemicals unit profit rose by $15M to $261M as margins improved in sales of olefins and polyolefins.
Phillips 66 -2.1% as profit climbs but margins mostly fall
Jan 29 2014, 09:59 ET