Phillips 66 sees increase in earnings in first-quarter report

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Phillips 66, the Houston area’s largest public company based on revenue, reported an increase in earnings year over year. That marks a departure from the steep plunge Phillips 66 (NYSE: PSX) reported in the fourth quarter, when net profits fell $348,000 sequentially to land at $163 million. That put the earnings per share at 16 cents, significantly lower than the 40 cent-per-share consensus leading into the first quarter report, according to Yahoo Finance. “We have successfully completed several…