Phillips 66 Earns $1.2 Billion In Q3

Energy manufacturing and logistics giant Phillips 66 PSX reported its third quarter results on Wednesday before market open.

Phillips reported it earned $2.02 per share, topping analyst expectations of $1.69 and 132 percent higher than it reported a year ago. Adjusted earnings rose $277 million from the second quarter to $1.1 billion.

Phillips' Midstream earnings rose from $108 million in the second quarter to $115 million due improved margins and higher equity earnings from the ramp up of throughput volumes at the company's Sand Hills and Southern Hills pipeline.

Phillips' Chemicals segment saw its earnings fall to $230 million from $324 million in the second quarter. The decrease in earnings was attributed to an ethylene outage at the company's Port Arthur plant from a localized fire in July.

Phillips' Refining segment saw its earnings improve to $558 million from $390 million in the second quarter due to an improved realized refining margins.

Phillips recorded earnings of $325 million from its Marketing and Other segment, which included a deferred gain from the sale of a power plant in July 2013.

During the quarter, Phillips returned $771 million to shareholders through dividends and share repurchases. The company ended the quarter with $3.1 billion in cash and cash equivalents with $6.2 billion in debt.

Shares of Phillips were trading higher at $78.44, but have since fallen to $77.12.