Refiner Phillips 66's 3Q Profit More Than Doubles

U.S. refiner Phillips 66 said on Wednesday its third-quarter net profit more than doubled to $1.14 billion as margins benefited from the North American onshore oil boom.

Earnings per share after certain items were $2.02, up from $0.85 a share in the year earlier period.

"Our operations ran well during the third quarter, capturing strong margins in our refining and marketing businesses," Chief Executive Officer Greg Garland said in a statement.

The U.S. shale oil revolution has opened up a period of hefty profits for refiners that increasingly buy cheap inland crudes and then fetch healthy prices when exporting their refined products around the world.

Although profits at the company's chemical, midstream, and marketing units rose slightly or dipped during the quarter, earnings for the refining business climbed to $558 million from a loss of $30 million a year earlier. (Reporting by Terry Wade; Editing by Lisa Von Ahn)