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P66’s 1Q earnings crumble 61% on weaker margins
HOUSTON, April 29, 2016 (PCW) -– Phillips 66 on Friday reported first-quarter earnings of $385 million, down 61% from the $987 million seen during the same time frame a year ago.
The company attributed the sharp decline to weaker margins.
Segment earnings are as follows:
1Q earnings at $156 million, down from $212 million in 4Q 2015.
This was due to lower polyethylene sales from the olefins/polyolefins business, which was slightly offset by a $7 million increase from the specialties, aromatics and styrenics business on higher volumes.
1Q earnings were $86 million, down from $376 million in 4Q 2015.
The decrease was largely driven by lower worldwide gasoline and distillate margins. Market crack spreads were $10.64/bbl, down 17% from the prior quarter.
1Q turnaround costs were $115 million.
1Q earnings were $40 million, down $2 million from 4Q 2015.
Results were impacted by lower earnings from the Rockies Express and Explorer pipeline joint ventures and higher property taxes.