Phillips 66 profit rises on improved margins in midstream, chemicals

Phillips 66 (PSX+1% premarket as Q1 earnings of $1.47/share easily beats expectations; the total excludes $706M related to the gain on the exchange of Phillips Specialty Products.

PSX says Q1 results reflect improved margins in its midstream and chemicals businesses, while refining results were hurt by planned downtime at several refineries and tightening crude spreads.

Midstream recorded $188M in earnings during Q1, $67M higher than the prior quarter; chemicals earnings were $316M, up $55M Y/Y; refining earnings totaled $306M vs. $418M in the year-ago quarter.

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