By Allison Prang
Phillips 66's (PSX) profit dropped in the third quarter from a year earlier, in part hurt by an investment in a midstream business and lower profit in its refining business.
Phillips reported $712 million in earnings, down from $1.49 billion the comparable quarter a year earlier. Earnings were $1.58 a share, down from $3.18 a share.
The company had $690 million of special items, which were "primarily impairments related to the company's investment in DCP Midstream, LLC," Phillips said. The company's midstream business reported a loss for the quarter, compared with a profit a year ago, and earnings fell in its refining division and chemicals segment.
Adjusted earnings were $3.11 a share. Analysts polled by FactSet were expecting $2.58 a share.
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