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Posted: Aug 01, 2017 6:47 AMUpdated: Aug 01, 2017 6:47 AM

Phillips 66 Announces Quarterly Earnings

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Charlie Taraboletti
Phillips 66 announced second-quarter 2017 earnings of 550 million dollars.  That compares with 535 million in the first quarter of 2017. Excluding special items, adjusted earnings were 569 million, compared with first-quarter adjusted earnings of 294 million. 
 
Chairman and Chief Executive Officer, Greg Garland says the company delivered good operating performance, generated strong cash flow and made significant progress in several growth initiatives during the quarter.  According to Garland, the Bakken Pipeline and new storage capacity at the Beaumont Terminal were placed into service, and CPChem reached mechanical completion of two polyethylene units as part of its U.S. Gulf Coast Petrochemicals Project. Additionally, the Billings Refinery completed an advantaged crude project to enhance returns. The completion of these projects improves Phillips 66 future earnings and cash generation capability.

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