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Phillips 66 Pops On Earnings Miss

By  +Follow July 31, 2013 1:27PM
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Phillips 66 (PSX) , by market cap the world’s largest oil and gas refiner and marketer, posted second-quarter earnings on Wednesday morning that showed the company’s profits were significantly lower than expected.

Phillips is in the habit of beating earnings forecasts on a regular basis, but for the recently ended period, the company netted $958 million, or $1.53 per share on revenue of $43.95 billion, compared to the prior-year period during which the company made $1.18 billion, or $1.86 per share. Analysts had expected earnings of $1.81 per share on revenue of $42.03 billion.

The recent increase in US oil prices was cited as one of the reasons for the diminished results, but the company’s refining operations were also substantially hampered by a hike in the cost of ethanol credits, otherwise known as Renewable Identification Numbers (RINS).

In 2005, the Environmental Protection Agency implemented the Renewable Fuel standard, imposing a gradual decrease in the burning of fossil fuels by requiring refiners to blend increasing amounts of ethanol into their products, with the goal of adding 36 billion gallons of renewable fuel into the overall supply by 2022. The EPA tracks the compliance of oil and gas refiners through RINS, which operate as credits; in other words, a company can acquire RINS through the purchase and subsequent blending of ethanol into its products or, if it does not comply, can meet its RINS requirements by purchasing them from other companies.

As ethanol minimums have increased, so too has the cost of RINS, and oil companies claim that the higher prices are starting to inflate the cost of doing business. On a conference call discussing the company’s quarterly performance, Phillips 66 said that it will increase exports in the third quarter to offset higher prices.

Still, the rare miss on top and bottom lines was offset by the company’s approval of a $1 billion share buyback program, as well as a debt reduction of $500 million. Shares were down about 3 percent before the commencement of trading, but rebounded nearly 5 percent after the opening bell to $61.36.

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Results for PSX
ProVesting
27 May 15 02:45:03
$PSX: Insider Buying at Phillips 66 (PSX) : William R Jr Loomis Buys 12300 ...: http://t.co/XQQSSuZhex
Michael Katz
27 May 15 00:14:54
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HyperPrimeTech
26 May 15 13:56:19
$XOM $PSX Energy stocks are looking like they are moving lower.
BNK Invest
26 May 15 11:07:26
Video: Tuesday 5/26 Insider Buying Report: $PSX $OFIX #stocks http://t.co/qphlEBOUg7
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26 May 15 11:05:41
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robert fischer
26 May 15 10:18:39
RT @CBOE: Active calls @ CBOE: $MRK 1/20/17 60 $AAPL 5/29/15 133 $PSX 1/15/16 82.50 $IWM 5/29/15 126 $APC 8/21/15 85
Evan Shweky
26 May 15 09:35:04
Stopped out of $PSX at $79.34 for a $0.19 loss. Position was small. Still up on the day.
Evan Shweky
26 May 15 09:27:21
I PUT IN A TRAILING STOP ON $PSX TRADE AT $79.33
ProVesting
26 May 15 09:25:02
$PSX: New Insider Transaction on PSX by Director: http://t.co/TZMFuA03uH
Insider Alerts
26 May 15 09:23:27
NEW insider transaction on $PSX reported a moment ago: http://t.co/p5k3hjkZ0G
Evan Shweky
26 May 15 09:22:50
bought $psx at $79.49....director bought $1mm of stk on thurs at $81.04.
FinancialJuice
26 May 15 09:22:15
Phillips 66 $PSX Director William R. Loomis has purchased 12,300 company shares at USD 81.04/shr #stocks
InsiderTradingWire
26 May 15 09:20:12
William Loomis R Jr Buys $996,786 Worth of $PSX Phillips 66 Common Stock - #Form4 #InsiderTrading - http://t.co/YbE0dmwNDE
Insider Filings
26 May 15 09:20:03
$PSX: Loomis William R Jr bought a net $996,786 in Phillips 66. http://t.co/jvvQwAXcKG
Quantitude Capital
26 May 15 09:18:27
$PSX director has just reported purchase of company stock valued at $996,786
ProTradersNews
26 May 15 08:50:02
$PSX: Phillips 66 Analyst Rating Update: http://t.co/pjecHze9wu
Syd Weedon
26 May 15 07:59:59
RT @CBOE: Active calls @ CBOE: $MRK 1/20/17 60 $AAPL 5/29/15 133 $PSX 1/15/16 82.50 $IWM 5/29/15 126 $APC 8/21/15 85
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26 May 15 07:58:13
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Marlen
26 May 15 07:58:10
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Quantpost Basic Mats
26 May 15 07:58:01
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26 May 15 07:58:01
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Quantpost $IWM
26 May 15 07:58:01
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26 May 15 07:58:01
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CBOE
26 May 15 07:58:00
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Option Alert
26 May 15 07:00:21
Unusually heavy option volume on today's open include $KEY, $PSX, $JWN, $CCL, and $KORS.
Jason Olive
26 May 15 00:26:48
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Víctor
26 May 15 00:17:15
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26 May 15 00:12:45
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25 May 15 23:34:16
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By  +Follow July 31, 2013 1:27PM
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