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Phillips 66, the energy manufacturing and logistics company, announced their first-quarter 2018 earnings of $524 million and adjusted earnings of $512 million. This compares with fourth-quarter 2017 earnings of $3.2 billion and adjusted earnings of $548 million. Fourth-quarter 2017 earnings included a $2.7 billion benefit from U.S. tax reform.

 

Midstream first-quarter net income was $233 million, compared with $139 million in the fourth quarter of 2017. Midstream net income in the fourth quarter of 2017 included hurricane-related costs of $3 million.

 

Transportation adjusted net income for the first quarter of 2018 was $136 million, an increase of $28 million from the prior quarter. The increase reflects lower taxes and operating costs, partially offset by lower volumes, primarily from the impact of refinery turnarounds.

 

NGL and Other first-quarter adjusted net income was $73 million, compared with $20 million in the fourth quarter of 2017. First-quarter adjusted net income reflects improved realized margins and positive inventory impacts.

 

The company’s equity investment in DCP Midstream generated adjusted net income of $24 million in the first quarter, compared with $14 million in the prior quarter. First-quarter adjusted net income reflected hedging gains, lower taxes and the timing of incentive distributions. These items were partially offset by lower volumes in the quarter.

 

You can read the complete report here