News wire — U.S. refiner Phillips 66 reported a 4.3% rise in quarterly adjusted profit on Friday as strength in its pipeline business more than offset weak refining margins.
Adjusted earnings rose to $1.38 billion, or $3.02 per share, in the second quarter ended June 30, from $1.32 billion, or $2.80 per share, a year earlier.
Realized refining margins fell to $11.37 per barrel in the quarter from $12.28 per barrel a year earlier.
- Reuters