Quarterly profit at oil refiner and chemicals company Phillips 66 fell more than expected, with weak global margins causing a loss in its refining business.
Phillips 66 said on Wednesday its refining unit lost $2 million in the third quarter, driven by a 40 percent decline in the average worldwide crack spread, or the difference between wholesale petroleum product prices and crude oil.
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Overall, quarterly profit was $535 million, or 87 cents per share, down from $1.6 billion, or $2.51 per share, in the same period a year earlier.
Analysts on average had expected a profit of 94 cents per share, according to Thomson Reuters I/B/E/S.