Phillips 66 reports $511 million profit

Phillips 66 posted net earnings of $511 million for the third quarter that are up slightly from the previous three months, but down 68 percent from nearly historic profits during the same time period last year.

After almost record profits from high margins in 2015, refining giants like Phillips 66 have struggled this year with depressed prices for the refined products they sell.

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Still, Phillips 66 keeps profiting, while many oil and gas producers and services companies continue to report quarterly losses.

“This year we are delivering record operational excellence results, managing costs, executing our major projects and maintaining disciplined capital allocation,” Phillips 66 Chairman and Chief Executive Greg Garland said in a prepared statement.

Garland said its capital spending for the full year is decreased down to $3 billion from an initial budget of $3.9 billion. The 2017 capital budget is projected to come in below $3 billion.

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Phillips 66 $511 million in earnings bested last quarters $496 million, but remain well down from $1.58 billion in profits during the third quarter of 2015.

Phillips 66 said its new liquefied petroleum gas export terminal in Freeport is expected to commence operations by the end of the year.

Phillips 66 has a 25 percent interest in joint ventures owning the controversial Dakota Access pipeline that’s being protested by American Indians and environmental activists, but Phillips 66 reiterated it expects the project to be completed by the end of March.