April 27 (Reuters) - U.S. oil refiner Phillips 66 reported a 2 percent fall in first-quarter profit on Friday, hurt by higher costs.
The company's consolidated earnings fell to $524 million in the first quarter from $535 million a year earlier.
Adjusting for number of shares outstanding the company earned $1.07 per share, from $1.02 per share a year earlier.
Adjusting for some items, Phillips 66 earned $512 million from $294 million. (Reporting by Taenaz Shakir in Bengaluru; Editing by Anil D'Silva)