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Energy manufacturing and logistics company, Phillips 66 announced first-quarter earnings of 535 million dollars compared with $163 million in the fourth quarter of 2016. First-quarter earnings included the net benefit of a gain on consolidation of a petroleum coking venture and an impairment taken by an equity affiliate. Excluding these items, adjusted earnings for the first quarter were $294 million, an increase of $211 million from the last quarter.

P-66 Chairman and Chief Executive Officer, Greg Garland says the company successfully completed several major turnarounds in Refining and Chemicals.  First-quarter earnings reflect the downtime and also highlight the benefit of a diversified portfolio. Phillips 66  Chemicals business had solid results on good demand and improved margins.  Garland remains dedicated to operating excellence, executing our Midstream and Chemicals growth strategy, enhancing returns in Refining, and returning cash to shareholders.