Phillips 66 chemical segment earnings fall on early debt repayment costs

Phillips 66’s chemical segment, represented by its 50% stake in Chevron Phillips Chemical (CPChem), posted earnings of $153 million, down 21% from the year-ago quarter because of losses associated with the early retirement of debt, impairments of fixed assets, and an increase in deferred tax liabilities. Adjusted earnings excluding certain 1-time items rose 42%, to $285 million. Adjusted earnings improved because of improved margins and lower utility costs, Phillips 66 says.

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