October 28, 2016 / 11:15 AM / 3 years ago

Phillips 66 quarterly profit plunges, cuts 2016 capex

Oct 28 (Reuters) - U.S. refiner Phillips 66 reported a sharp fall in quarterly profit due to lower refining margins, and cut its full-year capital expenditure forecast to about $3 billion.

U.S. refiners are in the midst of their worst year since the shale boom began in 2011. High fuel inventories have punished margins this year, forcing some refiners to voluntarily cut production, delay capital work, lay off workers and slash employee benefits.

The company’s consolidated earnings fell to $511 million, or 96 cents per share, in the third quarter, from $1.58 billion, or $2.90 per share, a year earlier.

Adjusted earnings fell to $1.05 per share from $3.02 per share. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)

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