April 30, 2019 / 11:12 AM / 25 days ago

Phillips 66 profit plunges over 60 pct on weak refining margins

April 30 (Reuters) - U.S. refiner Phillips 66 reported a more than 60 percent fall in quarterly adjusted profit on Tuesday, as refining margins more than halved and volumes fell due to maintenance activity and unplanned downtime.

The company’s adjusted earnings fell to $187 million, or 40 cents per share, in the first quarter, from $512 million, or $1.04 per share, a year earlier.

The Houston, Texas-based refiner said its realized refining margins fell to $7.23 per barrel in the quarter, from $16.53 per barrel a year earlier. (Reporting by Nishara Karuvalli Pathikkal; Editing by Shailesh Kuber)

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