PSX Phillips 66

By Austen Hufford 

Phillips 66 on Friday said profit and revenue dropped in its third quarter as low commodity prices continued to hurt results.

The company said it lowered its forecast for annual capital expenditures to about $3 billion. Last year, capital expenditures and investments totaled $2.5 billion.

The energy manufacturing and logistics company posted a profit of $511 million, or 96 cents a share, down from $1.58 billion, or $2.90 a share, a year prior.

On an adjusted basis, earnings were 96 cents a share, down from $2.90. Revenue fell 17% to $22.04 billion.

Analysts polled by Thomson Reuters had expected earnings per share of 88 cents on revenue of $25.06 billion.

Earnings in its refining segment fell 82% to $177 million on higher planned turnaround expenses, partially offset by lower maintenance costs. In its chemicals segment, earnings declined 60% to $101 million on unplanned downtime, which was partially offset by improved polyethylene chain margins. In marketing and specialties, earnings dropped 21% to $267 million. In the midstream segment, earnings fell 26% to $75 million on lower volumes and higher seasonal maintenance costs and scheduled refinery downtime.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

October 28, 2016 08:40 ET (12:40 GMT)

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