Phillips 66’s worldwide refining utilization was 91 percent for the fourth quarter, down from 94 percent a year ago. This decrease reflects significant turnaround activity in the Central Corridor and Western/Pacific regions, as well as adverse impacts from Hurricane Sandy, primarily at the Bayway Refinery. Pre-tax turnaround expenses were $84 million, excluding the company’s share of WRB Refining’s turnaround expense totaling $73 million. In addition, fourth-quarter expenses related to Hurricane Sandy were $56 million before-tax.Compared with the third quarter of 2012, worldwide market crack spreads decreased 33 percent. The impact of this decrease on Refining’s earnings was mitigated by increased market capture in the fourth quarter due to the company’s refinery configuration and improved clean product differentials. Refining’s market capture increased to 95 percent from 79 percent in the third quarter of 2012.
Phillips 66 Reports Fourth-Quarter Earnings Of $708 Million Or $1.11 Per Share
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