February 8, 2019 / 12:10 PM / 2 months ago

Phillips 66 reports four-fold increase in profit

Feb 8 (Reuters) - U.S. refiner Phillips 66 reported a more than four-fold surge in fourth-quarter adjusted profit on Friday, helped by low crude prices that boosted refining margins.

On an adjusted basis, net income rose to $2.26 billion, or $4.87 per share, in the quarter, from $548 million, or $1.07 per share, a year earlier.

The Houston, Texas-based company said its realized refining margins rose to $16.53 per barrel in the fourth quarter, from $8.98 per barrel a year earlier. (Reporting by Arundhati Sarkar in Bengalur; Editing by James Emmanuel)

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