Phillips 66 moves lower as Q2 profit slips on weak refining

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

Phillips 66 (PSX -0.9%) is lower after Q2 earnings fell nearly 10% Y/Y and missed Wall Street estimates amid weaker refining earnings, which fell 14% to $390M.

Q2 revenue rose 5.5% Y/Y to $46.3B vs. $43.9B during the year-ago quarter.

On a percentage basis, PSX's most successful division was its chemicals unit, where income jumped 79% Y/Y to $324M, driven by improving profit margin in its olefins and polyolefins business; results include PSX's joint interest in Chevron Phillips Chemical Company.

The refining segment took a hit, however, with revenue sliding 14% to $390M; the marketing and specialties business also saw a drop in profit, falling 53% to $162M.