Phillips 66's profit jumps 39 percent on $423 million gain

(Reuters) - U.S. independent oil refiner Phillips 66 (NYSE: PSX) reported a 39 percent rise in quarterly profit, helped by a $423 million one-time gain from the consolidation of a petroleum coking venture.

The company's consolidated earnings rose to $535 million, or $1.02 per share, in the first quarter, from $385 million, or 72 cents per share, a year earlier.

Adjusted earnings fell to $294 million, from $360 million, a year ago.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Micron surges 5.5% on blockbuster Anthropic AI deal ahead of earnings
• Bernstein SocGen Group Upgrades X-Fab Silicon Foundries SE (XFAB:FP) to Outperform
• Primoris cuts 2026 outlook on renewables cost overruns, COO exits