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Posted: Apr 30, 2015 10:17 AMUpdated: Apr 30, 2015 10:18 AM

Phillips 66 First Quarter Earnings Reported

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Charlie Taraboletti

Phillips 66 announced its first-quarter earnings of 987 million dollars.  That compares with earnings of 1.1 billion dollars during the fourth quarter of fiscal year 2014. Adjusted earnings were 834 million.  That's a decrease of 79 million dollars from the fourth quarter of 2014.  

Chairman and Chief Executive Officer Greg Garland says refining market conditions helped the company realize the best margins it's had over the last two years.  He says refining utilization rates were impacted by a heavy turnaround schedule, and were further reduced by the extended turnaround at the Alliance Refinery. Phillips 66 Chemicals business increased capacity utilization and had a solid quarter.

Garland expects to execute major projects in Midstream and Chemicals, as well as smaller high-return projects, on time and on budget. He says Phillips 66's capital discipline and strong balance sheet allows the company to maintain shareholder distributions, in the form of share repurchases and regular dividends.


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