U.S. refiner Phillips 66 reports improved fourth-quarter earnings
HOUSTON, Jan 30, 2013 (Xinhua via COMTEX) --
Copyright 2013 XINHUA NEWS AGENCY
U.S. refiner Phillips 66 on
Wednesday reported fourth-quarter earnings that surpassed analysts
' forecasts, thanks to cheaper crude supply from the United States
and Canada.
The Texas-based company's adjusted earnings in the fourth
quarter of 2012 rose more than three times to 1.37 billion U.S.
dollars, taking advantage of larger profit margins for its
refining and chemical businesses.
Adjusted earnings in its refining business soared to 916
million U.S. dollars from 27 million a year earlier, the company
said.
"Strong realized refining and chemicals margins improved our
earnings during the quarter," Phillips 66 Chairman and CEO Greg
Garland said in a statement.
"The company's solid financial performance in 2012 was
underpinned by safe, reliable and efficient operations," Garland
added.
The U.S. refining businesses have boomed over the year. Leading
U.S. refiner Valero on Tuesday reported a surprisingly strong
profit for the fourth quarter of 2012 as it swapped out foreign
crude for cheaper domestic oil.
Valero, also based in Texas, said that its profit in the
October-December quarter jumped to 1.01 billion U.S. dollars from
45 million dollars a year earlier.
The earnings result was the company's highest since 2005,
beating analysts' forecasts.
Refiners fared better than any other energy sector in 2012 as
U. S. crude production rose to the highest level since 1993,
exceeding demand and keeping U.S. oil prices much lower than
imports.
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