Phillips 66 (PSX) Tops Q1 EPS by 13c

Phillips 66 (NYSE: PSX) reported Q1 adjusted EPS of $1.47, $0.13 better than the analyst estimate of $1.34.

"We delivered a strong quarter, with solid performance and improved margins in our Midstream and Chemicals businesses," said Greg Garland, chairman and CEO of Phillips 66. "Our Refining results were impacted by planned downtime at several of our Gulf Coast and Central Corridor refineries and tightening crude spreads."

"During the first quarter, we made significant progress executing our Midstream growth plans. Phillips 66 Partners completed its first acquisition, final investment decisions were reached on our Sweeny NGL Fractionator I and Freeport LPG Export Terminal projects, and we signed a key LPG sales agreement. In addition to funding our growth plans, we continued to return capital to our shareholders through the payment of regular dividends, ongoing share repurchases and the PSPI share exchange," said Garland.

For earnings history and earnings-related data on Phillips 66 (PSX) click here.

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