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Phillips 66 posts weak results on low energy prices

by ChemOrbis Editorial Team - content@chemorbis.com
  • 02/05/2016 (17:16)
According to media reports, Phillips 66 reported a 61% slump in its quarterly profit as low commodity prices continued to drag down the company’s earnings in the first quarter. The company’s revenues also fell by 24% to $17.76 billion while earnings in the refining segment decreased 84% to $86 million, down from the $376 million earned in the fourth quarter of 2015 due to lower gasoline and distillate fuel margins.

The company posted a profit of $385 million in the first quarter compared with $987 million a year earlier. Phillips 66 previously announced that they cut their capital budget for 2016 in the face of low energy prices. The company’s total consolidated capital spending fell 31% to $750 million.
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