Phillips 66 Tops Forecasts Despite Profit Slump

As widely expected, the second-quarter profit of Phillips 66 (NYSE: PSX) came in significantly lower than the year-ago period, but one of the biggest U.S. refiners beat analyst estimates as high capacity utilization and strong midstream and chemicals earnings partially offset weaker refining margins. Phillips 66 reported on Tuesday adjusted earnings of $984 million for the second quarter, down from $1.77 billion for the same period of 2023. Adjusted earnings per share fell to $2.31 in Q2 2024 from $3.87 EPS for the second quarter last year. Despite…