Phillips 66's fourth-quarter profit surges on tax gain
Feb 2 (Reuters) - U.S. refiner Phillips 66’s profit surged more than 19 times in the fourth quarter, helped by a $2.74 billion tax benefit due to the recent changes to U.S. tax laws.
The company’s consolidated earnings rose to $3.2 billion, or $6.25 per share, in the fourth quarter ended Dec. 31 from $163 million, or 31 cents per share, a year earlier.
Excluding one-time items, Phillips 66 earned $1.07 per share. (Reporting by Taenaz Shakir in Bengaluru)