Home Blog Phillips 66 profits fall by 50 percent

Phillips 66 profits fall by 50 percent

Phillips 66 profits fall by 50 percent

Houston oil company Phillips 66 said quarterly profits fell by more than 50{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} from last year due to a loss of value in one of its pipeline businesses.

Phillips 66 posted net profit of $ 716 million in the third quarter, down from $ 19.4 billion year-on-year. Phillips 66 charged about $ 900 million mainly due to the depreciation of DCP Midstream, a pipeline joint venture.

In addition to the cost of damage, Philips 66 saw a slight decrease in profits in the refining and chemical business.

Gregs Garland, CEO of Phillips 66, said, “We successfully executed our strategy and achieved solid financial results for another quarter.

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Stretching from the Permian Basin to the Corpus Christi area, Phillips 66's massive gray oak pipeline will be available online to supply crude by the end of this year.

Phillips 66 also builds three new classifiers in large Sweeny oil refinery and petrochemical complexes in southwest Houston to separate and process natural gas liquids into individual components such as propane, butane and ethane. The company is building new storage capacity for Sweeny at Clemens Caverns.

Phillips 66 said its chemical joint venture, Chevron Phillips Chemical and the state-owned Qatar oil company, still aim to build a major petrochemical complex along the Gulf Coast of Texas or Louisiana, but still haven't chosen a specific region. They will build another complex in Qatar.



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