Refiners Beat Expectations Across The Board

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Article Abstract:

Probably without realizing it at the time, ConocoPhillips Corp. created what has become a prosperous energy company in 2012 by spinning off Phillips 66 into a separate entity focused primarily on refining. As a result, one of the few bright spots among the third-quarter earnings reports is that Phillips 66, which reported on Oct. 30, had its best quarter since it became independent thanks to what has hurt other energy companies: the low price of oil and the high demand for gasoline. Even Phillips 66 former parent company, Conoco Phillips, reported…

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