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Phillips 66 2Q profit falls 9.9 percent

By Washington Examiner
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HOUSTON (AP) — Phillips 66 said Wednesday that its second-quarter net income dropped 9.9 percent as demand for propane softened. The performance missed analysts’ expectations.

The Houston refiner’s profit fell to $863 million, or $1.51 per share, from $958 million, or $1.53 per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for a profit of $1.69 per share.

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