COMMODITIES: Phillips 66 Benefiting From Growth of North American Energy Production; Up 1.4%


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One of the largest U.S. independent oil refiners, Phillips 66's ( PSX ) third-quarter earnings tumbled 67% year-over-year which the oil and chemicals refiner attributed to a loss in its refining segment as a result of weaker refining margins.

Notably though, its CEO Greg Garland said the chemical segment's results were helped by solid utilization rates and stronger margins. "We continue to capitalize on the rise of North American energy production, focusing investment in the rapidly growing midstream and chemicals sectors."

Phillips 66 reported a profit of $535 million, or 87 cents a share, down from $1.6 billion, or $4.65 a share, a year earlier.

The chemical segment's earnings increased to $262 million from $153 million last year in the quarter.

Its stock price is up about 20% year-to-date.

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This article appears in: Investing , Commodities

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