— Phillips 66 (NYSE: PSX) reported its third-quarter 2019 adjusted earnings of $3.11 per share versus $2.59 per share expected.
— Revenue fell by 9% to $27.77 billion versus $27.79 billion expected.
— The pre-tax income from Midstream slipped to a loss from a profit last quarter, due to the inclusion of impairments related to its equity investment in DCP Midstream, LLC.
— The Chemicals’ pre-tax income fell by 17% sequential due to a reduction to equity earnings from a lower-of-cost-or-market inventory adjustment.
— Refining’s pre-tax income dropped by 13% quarter-over-quarter due to higher turnaround costs as well as lower realized margins, primarily reflecting weaker gasoline crack spreads in the Central Corridor.
— Marketing and Specialties’ pre-tax income jumped by 41% sequentially on higher margins, driven by favorable market conditions.
— During the quarter, Phillips 66 funded $402 million of dividends, $439 million of share repurchases and $867 million of capital expenditures and investments.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on
Target (TGT): A look at some of the challenges faced by the retailer in 3Q24
Shares of Target Corporation (NYSE: TGT) stayed green on Thursday, recovering from the stumble it took a day ago after delivering disappointing results for the third quarter of 2024 and
