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Phillips 66 2nd-quarter profit drops 9.9 percent as propane demand weakens

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HOUSTON — 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.

The oil refiner said revenue rose 5.6 percent to $46.34 billion from $43.9 billion in the same quarter a year earlier.

Shares of Phillips 66 shed 83 cents to $81.64 in midday trading. Its shares are up almost 34 percent over the past year.

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