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Phillips 66’s 1Q18 Earnings Beat Estimates

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Apr. 27 2018, Published 11:10 a.m. ET

Phillips 66’s 1Q18 estimated and actual performance

Phillips 66 (PSX) posted its 1Q18 results on April 27. Let’s compare its 1Q18 performance and estimates. In 1Q18, PSX’s revenue rose ~1% YoY (year-over-year) to ~$24 billion, and its adjusted EPS (earnings per share) rose by a whopping ~86% YoY to $1, surpassing analysts’ estimate of $0.90. Its refining margins expanded YoY.

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Phillips 66’s 1Q18 earnings review

PSX’s adjusted net income, attributable to shareholders, rose YoY from $294 million to $512 million in 1Q18 due to its earnings rising in all segments. Year-over-year, its refining earnings rose from an adjusted loss to an adjusted profit due to refining margins expanding 9% YoY to $9.30 per barrel. PSX’s adjusted midstream income doubled YoY, reaching $233 million in 1Q18, and its adjusted marketing and chemical income rose 23% and 15%, respectively.

Peers’ performance

In 1Q18, Valero Energy’s (VLO) EPS rose 47% YoY. Marathon Petroleum’s (MPC) EPS are expected rise 169% YoY, while Andeavor’s (ANDV) are expected rise 6% YoY. HollyFrontier’s (HFC) EPS are expected to turn positive in 1Q18, and PBF Energy (PBF) and Delek US Holdings (DK) are expected to post smaller losses YoY.

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