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Investing.com - Phillips 66 (NYSE:PSX) on Friday reported a first-quarter adjusted loss of $0.90 per share, falling short of analyst estimates for a loss of $0.73 per share.
The integrated energy company cited a challenging macro environment and impacts from major planned maintenance activities.
The company posted reported earnings of $487 million or $1.18 per share for the quarter.
However, on an adjusted basis, Phillips 66 recorded a loss of $368 million or $0.90 per share, which included $246 million of pre-tax accelerated depreciation related to its Los Angeles Refinery.
Revenue figures for the quarter were not provided in the earnings release. The company noted that results were impacted by one of its largest-ever spring turnaround programs, which was completed safely, on time and under budget.
"With the bulk of our turnarounds behind us, we are well positioned to capture stronger margins as the year unfolds," said Mark Lashier, chairman and CEO of Phillips 66.
The company returned $716 million to shareholders through dividends and share repurchases during the quarter. Phillips 66 also received $2.0 billion in cash proceeds from previously announced asset sales.
Phillips 66 ended the quarter with $1.5 billion in cash and cash equivalents and $5.4 billion available under credit facilities. Total (EPA:TTEF) debt was reduced by $1.3 billion to $18.8 billion.
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