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Phillips 66 is reporting fourth quarter earnings of $1.1 billion.  Company Chairman and Chief Executive Officer, Greg Garland calls the results a solid fourth quarter.  He says that's a result of the company's diversified asset portfolio and operational excellence.  Garland says Phillips 66 generated more than a billion dollars in cash flow and returned over $800 million of capital to its shareholders.

Garland says Phillips 66 is making prudent capital allocation decisions to drive the company's continued success, and the recently announced fiscal year 2015 capital budget underscores the company's commitment to value creation.

Adjusted earnings were $913 million for the fourth quarter, compared with adjusted earnings of $1.1 billion for the third quarter of 2014.