Prior to the market open on Wednesday, Phillips 66 (PSX) reported earnings that smashed estimates. The earnings this quarter were more interesting than normal, as this was the first independent report for the company since splitting from ConocoPhillips (COP).
Following completion of this transaction, ConocoPhillips is now a leading refining and marketing (R&M), midstream, and chemicals company. Phillips 66's R&M operations include 15 refineries with a net crude oil capacity of 2.2 million barrels per day, 10,000 branded marketing outlets, and 15,000 miles of pipeline systems.
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