By Denny Jacob
Phillips 66 posted lower earnings in its latest quarter, results that come amid an ongoing proxy fight with activist investor Elliott Investment Management.
The Houston-based oil refiner reported earnings of $487 million, or $1.18 a share, down from $748 million, or $1.73 a share, in the prior-year period.
Stripping out certain one-time items, losses came in at 90 cents a share. Analysts expected a loss of 72 cents a share.
"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs," said Chief Executive Mark Lashier.
Phillips' results come days after it raised its dividend and urged shareholders to vote against Elliott's director nominees as a proxy fight between the two sides continues.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 25, 2025 07:50 ET (11:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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