Jan 29 U.S. refining company Phillips 66
said on Wednesday its fourth-quarter profit rose, topping Wall
Street estimates, as refining margins were better than
The Houston-based company had a quarterly profit of $826
million, or $1.37 per share, compared with $708 million, or
$1.11 per share in the same quarter a year earlier.
Adjusting for certain items, Phillips 66 had a per share
profit of $1.34. Analysts on average had expected a profit of
$1.10 per share, according to Thomson Reuters I/B/E/S.
Analysts at Houston-based energy investment bank Simmons &
Co said Phillips earnings beat was driven by robust refining
Still, the company's marketing, chemical and transportation
and processing businesses fell short of Simmons' expectations,
the firm said in a note to clients.
Shares of Phillips fell to $73.01 in premarket trade from
Tuesday's New York Stock Exchange close of $75.08.