Phillips 66 (PSX) First Public Report Produces Solid Q2 Results, Juicy Buyback
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Phillips 66 (NYSE: PSX) -- the recent split off of Marathon Oil (NYSE: MRO) -- is trading higher Wednesday morning following its first quarterly results report since becoming a separate public company back in May.
Phillips didn't report sales, but net earnings rose 13.7 percent to $1.18 billion, from $1.04 billion in the same period last year. Adjusting for certain, one-time items and earnings popped 40 percent to $1.42 billion, or $2.23 per share.
In the same period last year, Phillips reported adjusted earnings of just $1.60 per share.
The big segment was Refining & Marketing (R&M), which reported adjusted earnings of $1.185 million. Refining contributed just over 74 percent to that number.
Cash generated in the quarter totaled $1.4 billion from operations, with $234 million received in asset dispositions.
The company continues development of DCP's Sand Hills Pipeline for the transfer of NGL from the Permian Basin and Eagle Ford fields to the Gulf Coast.
Phillips also said it would return more to shareholders. Aside from the previously announced 20 cents per share dividend, Phillips' Board also approved a new $1 billion common stock repurchase plan today.
One person smiling is Berkshire's (NYSE: BRK-A) Warren Buffet, who said his company took a position in Phillips back in July.
Ahead of the bell, shares are up about 5 percent.
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Phillips didn't report sales, but net earnings rose 13.7 percent to $1.18 billion, from $1.04 billion in the same period last year. Adjusting for certain, one-time items and earnings popped 40 percent to $1.42 billion, or $2.23 per share.
In the same period last year, Phillips reported adjusted earnings of just $1.60 per share.
The big segment was Refining & Marketing (R&M), which reported adjusted earnings of $1.185 million. Refining contributed just over 74 percent to that number.
Cash generated in the quarter totaled $1.4 billion from operations, with $234 million received in asset dispositions.
The company continues development of DCP's Sand Hills Pipeline for the transfer of NGL from the Permian Basin and Eagle Ford fields to the Gulf Coast.
Phillips also said it would return more to shareholders. Aside from the previously announced 20 cents per share dividend, Phillips' Board also approved a new $1 billion common stock repurchase plan today.
One person smiling is Berkshire's (NYSE: BRK-A) Warren Buffet, who said his company took a position in Phillips back in July.
Ahead of the bell, shares are up about 5 percent.
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