Phillips 66 2nd Quarter Profit Falls 19 Percent

COT Fund favorite Phillips 66 announces earnings today and states that second quarter earnings plummeted 19 percent as it failed to get the price advantage it got previously from refining U.S. crude oil and dealt with refinery outages.

The refining division's adjusted earnings fell by nearly half partly due to outages at several refineries, including the Sweeny refinery built in Texas in 1942 and the Wood River refinery built in Illinois in 2003. Earnings from the chemicals division fell too.

The company said it earned $958 million, or $1.53 per share, compared with $1.18 billion, or $1.86 per share, a year earlier.

Excluding a gain on asset sales, adjusted earnings were $935 million, or $1.50 per share. Revenue fell 8 percent to $43.95 billion.

Analysts expected the company to earn $1.81 per share on revenue of $42.03 billion, according to FactSet.

Phillips 66 shares fell $1.32, or 2.3 percent, to $57.15 in premarket trading.

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