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Phillips 66 moves lower as Q2 profit slips on weak refining

Jul. 30, 2014 12:31 PM ETPhillips 66 (PSX) StockPSXBy: Carl Surran, SA News Editor1 Comment
  • 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.

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