July 29, 2016 / 11:06 AM / a year ago

U.S. refiner Phillips 66 reports 51 pct fall in quarterly profit

July 29 (Reuters) - U.S. refiner Phillips 66's quarterly profit more than halved as earnings from its refining business were compressed by record supplies of gasoline and diesel.

The company's consolidated earnings fell to $496 million, or 93 cents per share, in the second quarter, from $1.01 billion, or $1.84 per share, a year earlier.

Adjusted earnings were $499 million, or 94 cents per share. (Reporting by Arathy S Nair in Bengaluru; Editing by Maju Samuel)

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