By Dean Seal
Phillips 66’s profit in the third quarter declined year-over-year, though its performance has improved from last quarter.
The Houston-based energy company posted a profit of $2.1 billion, or $4.69 a share, down from $5.39 billion, or $11.16 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $4.63 a share. Analysts polled by FactSet had been expecting $4.82 a share.
The company’s midstream business reported income of $712 million, down from $3.6 billion a year ago, but up from $604 million last quarter. The quarter included a $101 million gain from the sale of an investment and another $46 million from a change in the inventory method for an acquired business.
Income from Phillips’ refining business fell to $1.71 billion from $2.91 billion last year. It came in above last quarter’s $1.13 billion, largely driven by higher realized margins and strong utilization.
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