May 1 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.