By Zain Shauk July 30 (Bloomberg) -- Phillips 66, the refining company that saw its shares drop last month on news of expanded U.S. oil exports, said second-quarter profit declined 9.9 percent as it began to focus more on making chemicals and transporting fuel. Net income fell to $863 million, or $1.51 a share, from $958 million, or $1.53, a year earlier, the … [Read more...]
Cheaper Crude And Fuel Exports Help U.S. Refiners’ Profits
By Kristen Hays and Anna Driver HOUSTON, Jan 29 (Reuters) - Marathon Petroleum Corp, Valero Energy Corp and Phillips 66, the three largest U.S. independent refiners, reported quarterly results on Wednesday that topped Wall Street estimates as cheaper crude prices and rising exports helped profits. Sour crudes from Mexico, Saudi Arabia, Texas and the U.S. Gulf of Mexico … [Read more...]