U.S. refining and chemicals giant Phillips 66 NYSE PSX booked higher-than-expected earnings for the third quarter even if earnings plunged from a year earlier, as expected, due to weak refining margins and fuel demand. Phillips 66 reported on Tuesday adjusted earnings of $859 million, or $2.04 per share, for the third quarter, down from $2.1 billion, or $4.63 EPS, for the same period last year. Despite the profit slump, the company’s adjusted EPS topped the analyst consensus estimate of $1.
This year, however, weaker demand for fuels and slumping refining margins have been weighing on refiners and the integrated oil and gas majors. Phillips 66 said that the adjusted refining pre-tax loss was “primarily due to a decline in realized margins largely driven by lower market crack spreads.” The 3-2-1 crack spread – which is a theoretical refinery crude yield to produce two barrels of gasoline and one barrel of diesel for every three barrels of crude input – slumped in the U.S.
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