HOUSTON (AP) — Oil refiner Phillips 66 said Wednesday that its net income rose 17 percent in the fourth quarter on stronger results from its midstream and refining businesses.
Phillips 66 said income from transportation and natural gas liquids and other midstream operations improved, and refining volume more than doubled compared to the fourth quarter of 2012.
The Houston-based company said its net income rose to $826 million, or $1.37 per share, for the last three months of 2013 from $708 million, or $1.11 per share. Excluding one-time costs Phillips said it earned $1.34 per share.
That matched the consensus forecast of analysts surveyed by FactSet.
Revenue slipped to $43.83 billion from $44.62 billion a year earlier. Analysts expected $42.3 billion.
The company said its net income fell to $3.73 billion, or $6.02 per share, for 2013 from $4.12 billion, or $6.48 per share, a year earlier. Its revenue fell to $174.8 billion from $182.75 billion a year earlier.
Shares of Phillips 66 rose $1.08, or 1.4 percent, to $76.16 in midday trading. They are up 27 percent for the past year.