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benfrankledger

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benfrankledger

Re: Enterprising Investor post# 181

Sunday, 12/10/2017 4:29:57 AM

Sunday, December 10, 2017 4:29:57 AM

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Refining is a volatile business. Margins can, and do, fluctuate all the time, and so Phillips 66's earnings can be lumpy. Such was the case this quarter. Refining margins expanded, which led to much higher earnings year on year. Historically speaking, refining margins in 3Q 2016 were pretty low.

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