Phillips 66 quarterly profit more than doubles

Wed May 1, 2013 8:09am EDT

May 1 (Reuters) - U.S. refiner Phillips 66 on Wednesday said its quarterly profit more than doubled ,as it benefited from processing lower-cost crude oil derived from American shale deposits.

The Houston-based company, which operates 15 refineries and has a large chemical business, reported first-quarter earnings of $1.41 billion, or $2.23 per share.

Phillips 66, which was split off from ConocoPhillips in May 2012 and was thus not independent in the first quarter of 2012, said comparable profit for the year-ago period was $636 million, or $1.00 per share.

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