© Reuters. FILE PHOTO: A view of the Phillips 66 Company’s Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Termina
(Reuters) -Phillips 66 reported a third-quarter profit on Friday that missed analysts’ estimates, hurt by lower refining margins.
The company’s realized margins fell to $18.96 per barrel in the quarter from $26.87 per barrel a year earlier.
Phillips 66 (NYSE:)’s shares fell 1.1% to $108.86 in premarket trading.
On an adjusted basis, the company earned $4.63 per share in the third quarter, compared with estimates of $4.76, according to LSEG data.
Phillips 66 said it was on track to exceed the $10 billion to $12 billion target on share repurchases and dividends, increasing it to $13 billion to $15 billion.
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