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P66’s 2Q earnings collapse 51% on steep decreases in refining, chemicals sales
HOUSTON, July 29, 2016 (PCW) -– Phillips 66 on Friday reported second-quarter earnings of $496 million, down nearly 51% from the year-ago period, but a $111 million increase from the first quarter of this year.
The steep year-on-year decline was due to lower sales in the refining and chemicals sectors.
The chemicals segment, which reflects P66’s investment in Chevron Phillips Chemical Company, saw 2Q earnings of $190 million, compared with $295 million in 2Q 2015 and $156 million in 1Q 2016. CPChem's Olefins and Polyolefins business contributed $170 million, which was $25 million higher compared with 1Q, primarily due to higher polyethylene sales prices and margins. CPChem's Specialties, Aromatics and Styrenics business contributed $25 million of earnings in 2Q, an increase of $9 million from 1Q, due to higher sales prices.
The refining segment saw 2Q earnings of $149 million, compared with $86 million in 1Q and $604 million in 2Q 2015. Despite worldwide refinery utilizations of 100%, P66 saw lower clean product differentials and secondary product margins, as well as turnaround costs of some $69 million. -- Samantha Hartke