Phillips 66 Q3 Earnings Beat Estimates, Revenues Decrease Y/Y

Phillips 66 (PSX) reported third-quarter 2024 adjusted earnings of $2.04 per share, which beat the Zacks Consensus Estimate of $1.63. However, the bottom line was lower than the year-ago quarter's level of $4.63. Total quarterly revenues of $36.4 billion beat the Zacks Consensus Estimate of $32 billion. However, the top line declined from the year-ago level of $40.3 billion. The better-than-expected quarterly results can be primarily attributed to cost reduction and the achievement of Midstream synergy targ ...