Phillips 66 reported lower-than-expected profits in the third quarter despite strong refining margins.
U.S. refiner Phillips 66 NYSE PSX reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion for the third quarter, up from $1.8 billion for the second quarter. In Q2, American refiners – including Phillips 66 – were hit by low refining margins.
96 per barrel in the third quarter, driven by higher market crack spreads, partially offset by inventory hedge impacts, lower secondary product margins, and lower Gulf Coast clean product realizations. In terms of returns to shareholders, Phillips 66 said it is on track to exceed its original $10 billion to $12 billion target, and increased this target to a range of $13 billion to $15 billion. The company plans to return at least 50% of operating cash flow to shareholders.
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