more than doubled its third-quarter earnings but missed analysts' expectations, citing scheduled shutdowns for turnarounds and the tie-ins of three new units at its major refineries.
The petroleum company earned $505 million, or $1.96 a share, compared with $221 million, or 87 cents a share, last year. A
First Call/Thomson Financial
survey of 22 analysts forecast earnings of $2.04 for the quarter.
Revenue rose to $5.2 billion from $3.8 billion a year ago.
Phillips also said it sees worldwide oil and gas production increasing over third-quarter levels and the refining, marketing and transportation segment benefiting from full operations at its Sweeny refinery. The company also expects to realize $150 million through combined efficiencies by the end of 2001.