New york-Phillips 66 reported lower earnings from refinery operations in the first quarter, pulled down by weak Midwestern profits which slowed or shut some units at its area refineries, CEO Greg Garland said Friday. Phillips 66’s refining segment earned $86 million in the first quarter of 2016, down from the $376 million earned in the fourth quarter of 2015, due in part to a $101 million drop in its Midwestern earnings. Phillips 66, which produces more distillate than gasoline than many of its competitors and is more sensitive to distillate cracks, has not benefited as much from the strong gasoline demand.
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