Phillips 66 announced first-quarter earnings of $385 million, compared with $650 million in the fourth quarter of 2015. Adjusted earnings were $360 million, a decrease of $350 million from the last quarter.

Chairman and Chief Executive Officer of Phillips 66, Greg Garland stated weaker margins impacted the company's financial results in the first quarter.  Its businesses ran well, and the company remains focused on operating excellence with industry-leading safety performance.

Garland says Phillips 66 successfully completed planned turnarounds and accelerated some maintenance activities in the low margin environment. The firm's management is committed to maintaining a strong balance sheet and a disciplined approach to capital allocation.

During the quarter Phillips 66 reinvested $750 million in the business and distributed $687 million to shareholders.