From the Houston Chronicle, here, this is what made money for Phillips 66 during the last quarter:
”Its chemical subsidiary Chevron Phillips Chemical, owned through a joint venture with Chevron Corp., made $227 million in pre-tax income, bolstered by higher polyethylene sales volumes and a 98 percent utilization rate across its chemical plants.
Phillips 66’s pipeline business was one bright spot in its earnings – the company saw $316 million income from pipelines, terminals and logistics compared to $280 million the same time last year.”
And this part lost money:
”The company’s refining sector lost $198 million in the first quarter, compared to a $112 million profit the same time last year.
Phillips 66 blamed the poor refining results largely on major maintenance outages affecting five refineries, costing $148 million. Its refineries ran at just 84 percent utilization rates due to unplanned and planned outages. Its Carson, Calif., refinery near Los Angeles was impacted by a fire in mid-March.
The company also said higher costs for Canadian crude ate into its refining margins.”
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