HOUSTON (AP) _ Phillips 66 on Tuesday reported fourth-quarter profit of $1.88 billion.
The Houston-based company said it had profit of $3.97 per share. Earnings, adjusted for non-recurring costs, came to $4 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $4.34 per share. The oil refiner posted revenue of $40.91 billion in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $34.3 billion.
For the year, the company reported profit of $11.02 billion, or $23.27 per share. Revenue was reported as $175.7 billion.
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