PHILLIPS 66 POSTS RECORD QUARTERLY PROFIT

Phillips 66 reported a record third quarter, with adjusted earnings per share jumping to $14.08 from just $2.52 a year earlier, according to its October 28 filing with the SEC. The refiner's chemicals business drove much of the swing, with adjusted pretax income there rising 77% to $311 million from $176 million. Midstream, by contrast, stayed essentially flat at $702 million versus $697 million a year ago. Total adjusted pretax income across all segments reached $7.14 billion. The numbers point to refining margins, not midstream stability, as the real engine behind the quarter for $PSX.