Phillips 66 Profit Down 11.2% in 2015 - Modern Distribution Management

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Phillips 66 Profit Down 11.2% in 2015

Fourth quarter profit falls 43.3 percent year-over-year.

Phillips 66 (NYSE: PSX), Houston, TX, an energy manufacturing and logistics company, reported profit for 2015 of $4.2 billion, down 11.2 percent compared to the prior year.

Fourth-quarter profit was $650 million, down 43.3 percent year-over-year.

For the midstream segment, the company reported a loss of $77 million for the quarter, compared to a profit of $96 million the prior year. The company’s equity investment, DCP Midstream, had lower results primarily due to lower natural gas and natural gas liquids marketing margins, as well as the impact of lower commodity prices.

In the chemicals segment, profit for the fourth quarter was down 20.6 percent to $212 million, primarily due to reduced margins. Profit for the marketing and specialties segment was down 37.1 percent to $231 million, largely due to lower realized margins driven by less favorable market conditions. And the refining segment profits decreased 20.7 percent to $410 million, largely driven by lower realized margins.

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