Phillips 66 has announced 4Q16 earnings of US$163 million, compared with US$511 million in the 3Q16. Adjusted earnings were US$83 million, a decrease of US$473 million from 3Q16.
“During 2016, we delivered strong operating performance, advanced our growth projects, managed costs, and rewarded our shareholders,” said Greg Garland, Chairman and CEO of Phillips 66. “However, fourth-quarter financial results were disappointing, and reflect challenging market conditions.”
Phillips 66 has a 25% interest in joint ventures developing the 470 000 bpd Dakota Access pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP) projects. While DAPL is more than 95% complete, ETCOP is complete and ready for commissioning. Commercial operations are expected to begin in the 2Q17, pending the issuance of an easement from the US Army Corps of Engineers to complete work beneath the Missouri River on DAPL.
Read the article online at: https://www.worldpipelines.com/business-news/06022017/phillips-66-reports-4q16-results/