Reuters: Global Markets: Phillips 66 profit up 14 percent, shares rise

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Phillips 66 profit up 14 percent, shares rise Aug 1st 2012, 12:56 Wed Aug 1, 2012 8:56am EDT (Reuters) - Phillips 66 (PSX.N), the largest U.S. independent refining company, posted a 14 percent jump in quarterly profit on stronger refining margins and chemical sales. The company, which split off earlier this year from ConocoPhillips (COP.N), said its refineries and chemical businesses benefited from lower-priced feedstocks. For the second quarter, the company posted net income of $1.18 billion, or $1.86 per share, up from $1.04 billion, or $1.64 per share, in the year-ago period. Phillips 66's refining profits rose 53 percent to $1.18 billion. Its shares jumped 5 percent in pre-market trading.

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