Reuters: Global Markets: Phillips 66 quarterly profit rises

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Phillips 66 quarterly profit rises Oct 31st 2012, 12:54 Wed Oct 31, 2012 8:54am EDT (Reuters) - Phillips 66 (PSX.N) on Wednesday reported a higher-than-expected quarterly profit as the U.S. refining company spun off from ConocoPhillips (COP.N) earlier this year benefited from processing lower-cost crude oil. Shares rose nearly 3 percent in pre-market trading. Margins at the company's refineries in the central part of the United States were particularly strong because they have access to cheaper crude oil from Canada, Phillips 66 said. The Houston company had a third-quarter profit of $1.6 billion or $2.51 per share, compared with $1 billion or $1.65 per share a year earlier. Excluding items, Phillips had a profit of $2.97 per share. Analysts on average had expected a profit of $2.35 per share, according to Thomson Reuters I/B/E/S. Phillips 66`s worldwide refining utilization rate rose to 96 percent from 92 percent, even though the company's Alliance refinery in Louisiana was shut three weeks due to Hurricane Isaac, it said. Shares of Phillips 66 rose to $48.75 in trade before the open of the New York Stock Exchange. The stock closed at $47.50 on Friday. The NYSE was closed on Monday and Tuesday due to Hurricane Sandy. (Reporting By Anna Driver; Editing by Gerald E. McCormick)

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