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People & Business :: Earnings/Finance

Phillips 66 chemical earnings up 30% on olefins and polyolefins

9:47 AM MDT | May 2, 2013 | Clay Boswell

Phillips 66’s chemical segment, comprising a 50% interest in Chevron Phillips Chemical Company (CPChem), contributed first-quarter adjusted earnings of $282 million, a 30% year-over-year (YOY) increase. Phillips 66, which released the information on Wednesday as part of its first-quarter earnings report, attributes the gain to higher margins. “We achieved strong financial results in the first quarter by capturing favorable chemicals and refining margins,” says Greg Garland, chairman and CEO of Phillips 66. Margins for olefins and polyolefins...

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