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1/31, 1:06 PM (Source: TeleTrader)
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Phillips 66 Q4 revenue down 67% YoY at $736M

Phillips 66 Co. announced on Friday its revenue in the fourth fiscal quarter of 2019 amounted to $736 million, tumbling 67% annually. For the full year, the figure was down 45%, from $5.6 billion to $3.1 billion. Earnings per share were at $1.64 in the three month period and $8.05 in the whole of 2019, dropping 68% and 31% compared to 2018.

Midstream generated $405 million in income, while the chemicals and refining segments earned $150 million and $345 million respectively. Marketing income was $377 million, while corporate and other segment lost $211 million.

Phillips 66 said it commenced initial operations on its Gray Oak Pipeline, which is expected to reach full service in the second quarter of 2020, while also expanding its Sweeny Hub. In addition, the energy company is also pursuing the development of petrochemicals complexes on the United States Gulf Coast and in Qatar.

"We maintained our strong safety performance and advanced our strategic initiatives during the quarter, but a challenging market environment and turnaround activity impacted our financial results," CEO Greg Garland said in the press release.

Breaking the News / MD