Higher Midstream Revenue Boosts Results at Phillips 66

Shares of Phillips 66 (PSX) jumped successful intraday trading Tuesday aft nan power institution posted better-than-anticipated results connected higher midstream profit.

The institution reported second-quarter earnings per stock (EPS) of $2.38, pinch gross up 8.9% year-over-year to $38.91 billion. Both exceeded statement forecasts of analysts polled by Visible Alpha.

Midstream, Chemicals Profits Jump, Refining Income Plummets

Midstream income soared 23.7% year-over-year to $767 million, which nan institution explained was chiefly because of higher earthy state liquids measurement and margin, positive little costs. Chemicals income roseate 15.6% to $222 million, chiefly connected higher margins. However, refining income slumped 74.3% to $302 million, pulled down by little ace spreads. 

The crude utilization complaint accrued to 98%, which Chief Executive Officer (CEO) Mark Lashier said was nan highest successful 5 years. He added nan institution lowered costs by almost a dollar per barrel, "reflecting nan occurrence of our business translator efforts." 

Phillips 66 shares jumped 5% to $147.37 arsenic of 3 p.m. ET Tuesday and person gained astir 10% year-to-date.