Phillips 66 on July 27 reported second-quarter adjusted earnings of $1.32 billion, or $2.80 per share, beating the S&P Capital IQ consensus normalized estimate of $2.24 per share.
During the year-ago quarter, the refiner reported adjusted earnings of $569 million, or $1.09 per share.
On a GAAP basis, Phillips 66 reported second-quarter earnings of $1.34 billion versus $550 million during the same period in 2017.
Led by its refining segment, the company saw improved results across most of its businesses.
Refining segment adjusted earnings climbed nearly fourfold from $233 million to $911 million as realized margins increased to $12.28 per barrel on improved crack spreads and wider crude oil differentials and as the company achieved 100% refinery utilization.
Midstream segment adjusted earnings climbed from $101 million in the year-ago quarter to $202 million in the second quarter, while chemicals segment adjusted earnings increased from $196 million to $262 million.
Marketing and Specialties segment adjusted earnings declined from $218 million to $195 million.
Phillips 66 Partners LP, the company's affiliated master-limited partnership, reported second-quarter distributable cash flow of $204 million, up from $194 million in the first quarter, driven by higher volumes at wholly-owned pipelines and terminals.
The MLP reported net income of $186 million, or 94 cents per common unit, beating the S&P Capital IQ consensus GAAP estimate of 87 cents per unit.
Adjusted EBITDA was $276 million, up from $247 million in the prior quarter, allowing the company to exceed its goal of a $1.1 billion annualized run-rate adjusted EBITDA ahead of schedule.