February 2, 2018 / 12:09 PM / 5 months ago

Phillips 66's fourth-quarter profit surges on tax gain

Feb 2 (Reuters) - U.S. refiner Phillips 66’s profit surged more than 19 times in the fourth quarter, helped by a $2.74 billion tax benefit due to the recent changes to U.S. tax laws.

The company’s consolidated earnings rose to $3.2 billion, or $6.25 per share, in the fourth quarter ended Dec. 31 from $163 million, or 31 cents per share, a year earlier.

Excluding one-time items, Phillips 66 earned $1.07 per share. (Reporting by Taenaz Shakir in Bengaluru)

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