Phillips 66 reported sharply lower pre-tax income from its refinery segment of $345 million in 4Q19 compared with $856 million in 3Q19 and $2 billion in 4Q18. Margins “softened substantially” in the last half of 4Q19, VP of investor relations Jeff Dietert said on the conference call. The segment sustained a turnaround expense of $232 million in 4Q19, higher than previous guidance or 3Q19’s $120 million. Adjusted midstream income of $405 million was a......
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