Phillips 66 reports Q3 earnings of US$ 1.2 billion

Phillips 66, an energy manufacturing and logistics company, has announced Q3 earnings of US$ 1.2 billion, compared with earnings of US$ 863 million during Q2 of 2014. Adjusted earnings were US$ 1.1 billion, an increase of US$ 277 million from Q2 of 2014.

"Our operations ran well during the third quarter, capturing strong margins in our refining and marketing businesses," said Greg Garland, Chairman and Chief Executive Officer of Phillips 66. "Chemicals earnings were also strong despite the impact of unplanned downtime."

"We recently announced the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects, which provide integration opportunities with our Beaumont Terminal. We are executing our Midstream growth strategy with increasing momentum," said Garland.

Midstream

Midstream earnings were US$ 115 million in Q3, compared with earnings of US$ 108 million in Q2 of 2014.

Phillips 66's Transportation business generated earnings of US$ 58 million during Q3, in line with earnings of US$ 60 million in Q2 of 2014. Third-quarter earnings related to the company's equity investment in DCP Midstream, LLC were US$ 31 million, comparable with US$ 33 million in Q2 of 2014.

Earnings from the NGL business were US$ 26 million in Q3, compared with US$ 15 million in Q2 of 2014. The increase was primarily related to improved margins and higher equity earnings from the ramp up of throughput volumes on the Sand Hills and Southern Hills pipelines.

Adapted from press release by Hannah Priestley-Eaton

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