Oil and natural gas producer Phillips 66 ( PSX ) on Wednesday posted better-than-expected third quarter earnings, as profit rose significantly from last year.
The Houston-based company reported third quarter net income of $1.6 billion, or $2.51 per share, compared with $1 billion, or $1.65 per share, in the year-ago period. Excluding special items, adjusted profit was $2.97 per share.
On average, Wall Street analysts expected a much smaller profit of $2.32 per share.
Phillips 66 shares rose $1.25, or +2.6%, in premarket trading Wednesday.
Phillips 66 ( PSX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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