Phillips 66 Reports Soaring Q4 Profit
U.S. refiner Phillips 66 reported a more than four-fold surge in fourth-quarter adjusted profit on Friday, helped by low crude prices that boosted refining margins.
On an adjusted basis, net income rose to $2.26 billion, or $4.87 per share, in the quarter, from $548 million, or $1.07 per share, a year earlier.
The Houston, Texas-based company said its realized refining margins rose to $16.53 per barrel in the fourth quarter, from $8.98 per barrel a year earlier.
Reporting by Arundhati Sarkar