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8/1/2017, 1:50 PM (Source: TeleTrader)
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Phillips 66 reports annual jump in earnings of 10.9%

Refining, petrochemicals and logistics giant Phillips 66 Co. boasted of good operating performance and strong cash flow in the second quarter, as it reported earnings $1.06 per share, a surge of 14% from the same period of last year, on bottom line of $550 million, which came in 10.9% higher. On an adjusted basis, when special items are stripped off, net income was boosted by 14% to $569 million or 16% to $1.09 per share, according to the update released on Tuesday.

"The Bakken Pipeline and new storage capacity at the Beaumont Terminal were placed into service, and CPChem reached mechanical completion of two polyethylene units as part of its US Gulf Coast Petrochemicals Project. Additionally, the Billings Refinery completed an advantaged crude project to enhance returns. The completion of these projects improves our future earnings and cash generation capability," said Greg Garland, chairman and CEO of the utility headquartered in Houston, Texas. The company has been spun off from ConocoPhillips in 2012.

The dividend was lifted by 11% to 70 cents, while with repurchases the company returned $741 million to shareholders. Midstream and refining lagged in absolute terms from the previous quarter, against gains in marketing and specialties as well as in chemicals. Corporate and other costs rose 16.3% to $143 million.

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