Compared with the second quarter of 2012, Refining earnings benefitted approximately $250 million from feedstock advantages as the company realized reduced crude costs versus Light Louisiana Sweet (LLS) in the Gulf Coast region and Brent in the Atlantic Basin/Europe region. Crude advantages in the Central Corridor region remained particularly strong, in line with the second quarter. In addition, Refining earnings improved by approximately $100 million in the third quarter due to inventory impacts. Refining pre-tax turnaround expenses were $34 million, $80 million less than the second quarter of 2012.Marketing, Specialties and Other contributed adjusted earnings of $95 million during the third quarter, a decrease of $154 million from the prior year. Overall margins declined primarily due to inventory management, as well as lower marketing margins, attributable to increasing product costs. In addition, supply disruptions, such as those caused by Hurricane Isaac, adversely impacted results.
Phillips 66 Reports Third-Quarter Earnings Of $1.6 Billion Or $2.51 Per Share
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