July 27, 2018 / 11:36 AM / 3 months ago

UPDATE 1-Phillips 66's profit beats on higher refining margins

(Adds second-quarter details, estimates, share move)

July 27 (Reuters) - U.S. independent oil refiner Phillips 66’s quarterly profit topped analysts’ estimates on Friday, helped by cheap crude prices that boosted refining margins.

The company’s shares rose 1.8 percent to $118.20 in premarket trading.

Phillips 66 said earnings from refining, its biggest business, increased to $910 million in the second quarter from $224 million a year earlier.

The widening of the Brent–WTI spread, larger discounts on U.S. inland crudes and improved heavy crude differentials all contributed to increased realized margins, the company said.

Phillips 66’s peers Marathon Petroleum Corp and Valero Energy Corp on Thursday reported better-than-expected quarterly profits on higher refining margins.

Phillips 66 said its adjusted earnings rose to $1.32 billion, or $2.80 per share, in the three months ended June 30, from $569 million, or $1.09 per share, a year earlier.

Analysts on average had expected a profit of $2.19, according to Thomson Reuters I/B/E/S. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar)

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