UPDATE: Phillips 66 Posts Rise In Q1 Profit

Phillips 66

reported a rise in its first-quarter net profit. Phillips posted a quarterly profit of $1.6 billion, or $2.67 per share, versus a year-ago profit of $1.41 billion, or $2.23 per share. Excluding special items, it earned $1.47 per share, versus analysts' estimates of $1.34 per share. Its revenue declined 3% to $41.1 billion versus $42.27 billion. However, analysts expected revenue of $42.9 billion. Greg Garland, chairman and CEO of Phillips 66 said, "We delivered a strong quarter, with solid performance and improved margins in our Midstream and Chemicals businesses." Phillips' earnings in the refining business slipped to $306 million versus $904 million. The executive continued, "Our Refining results were impacted by planned downtime at several of our Gulf Coast and Central Corridor refineries and tightening crude spreads." Phillips shares gained 0.19% to $83.91 at 9:31 a.m. ET.