February 3, 2017 / 12:10 PM / in 6 months

Phillips 66's profit falls 75 pct on weak refining margins

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Feb 3 (Reuters) - U.S. independent oil refiner Phillips 66 reported a 75 percent fall in quarterly profit as refining margins were hit by the narrowing gap between U.S. crude price and globally-traded Brent crude, to which prices of refined products are tied.

The company's consolidated earnings fell to $163 million, or 31 cents per share, in the fourth quarter ended Dec. 31 from $650 million, or $1.20 per share, a year earlier.

Adjusted earnings also fell to 16 cents per share from $1.31 per share a year earlier. (Reporting by Arathy S Nair in Bengaluru; Editing by Anil D'Silva)

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