April 27, 2018 / 11:08 AM / a month ago

Refiner Phillips 66 reports Q1 profit dip

April 27 (Reuters) - U.S. oil refiner Phillips 66 reported a 2 percent fall in first-quarter profit on Friday, hurt by higher costs.

The company’s consolidated earnings fell to $524 million in the first quarter from $535 million a year earlier.

Adjusting for number of shares outstanding the company earned $1.07 per share, from $1.02 per share a year earlier.

Adjusting for some items, Phillips 66 earned $512 million from $294 million. (Reporting by Taenaz Shakir in Bengaluru; Editing by Anil D’Silva)

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