General | Quarterly / Earnings Reports | Fourth Quarter (4Q) Update
Phillips 66 Hones In on Midstream Sector in Q4, Full-Year 2013
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Phillips 66 has reported fourth-quarter earnings of $826 million, compared with earnings of $708 million in the fourth quarter of 2012. Adjusted earnings were $808 million, compared with $1.3 billion in the same period last year.
Greg Garland, chairman and CEO of Phillips 66, commented: "Throughout 2013, we maintained our focus on operating excellence, safety and environmental stewardship. We ran well during the fourth quarter, allowing us to capitalize on favorable crude differentials while exporting a record volume of refined products. Also during the quarter, our board of directors approved an additional $2.0 billion of share repurchases and increased the dividend by 25 percent.
"In addition, we strengthened our balance sheet by repaying debt and announced our 2014 capital program…
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