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Higher Polyethylene Sales Volumes Help Lift Q3 Earnings for Phillips 66
October 29, 2021

Higher Polyethylene (PE) sales volumes and continued strong demand contributed to a stronger Q3 in 2021 for Phillips 66, the company said during its Q3 2021 earnings call. Reported earnings for Q3 were at $402 million, or $.91/share, with adjusted earnings of $1.4 billion, or $3.18/share.

The oil refiner said its Chemicals segment, which reflects its equity investment in Chevron Phillips Chemical (CPChem) saw a pre-tax income of $631 million, compared with $623 million in Q2 2021. Of the Chemicals segment, CPChem's Olefins and Polyolefins business contributed $613 million of the adjusted pre-tax income, compared with $593 million the previous quarter. Although the $20 million increase was primarily due to higher PE sales volumes, the company said it was partially offset by higher utility costs.

Meanwhile, CPChem's Specialties, Aromatics and Styrenics business contributed Q3 adjusted pre-tax income of $37 million, down compared with $82 million in the Q2 due to lower margins.

Looking at the remainder of this year, Phillips 66 added that its recently completed C2G Pipeline, a 16-in ethane pipeline that connects its Clemens Caverns storage facility to petrochemical facilities near Corpus Christi, Texas, is expected to begin commercial operations during Q4.

By Brian Balboa for The Plastics Exchange.

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