Phillips 66: 3rd quarter earnings snapshot

HOUSTON — Phillips 66 today reported a third-quarter loss of $799 million, after reporting a profit in the same period a year earlier.

The company said it had a loss of $1.82 per share. Losses, adjusted for non-recurring costs, were 1 cent per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 80 cents per share.

The oil refiner posted revenue of $16.3 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $17.77 billion.

Phillips 66 shares have declined 59% since the beginning of the year, while the Standard & Poor’s 500 index has increased 2.5%. The stock has declined 61% in the past 12 months.

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