Phillips 66: 2Q Earnings Snapshot
HOUSTON (AP) _ Phillips 66 (PSX) on Friday reported second-quarter profit of $1.42 billion.
On a per-share basis, the Houston-based company said it had profit of $3.12. Earnings, adjusted for pretax gains, were $3.02 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.70 per share.
The oil refiner posted revenue of $28.52 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $29.89 billion.
Phillips 66 shares have risen 18% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 20%. The stock has dropped roughly 10% in the last 12 months.