Phillips 66’s profit jumps 39 percent on $423 million gain

FILE PHOTO: A Phillips 66 sign is seen at a gas station in the Chicago suburb of Wheeling

(Reuters) – U.S. independent oil refiner Phillips 66 <PSX.N> reported a 39 percent rise in quarterly profit, helped by a $423 million one-time gain from the consolidation of a petroleum coking venture.

The company’s consolidated earnings rose to $535 million, or $1.02 per share, in the first quarter, from $385 million, or 72 cents per share, a year earlier.

Adjusted earnings fell to $294 million, from $360 million, a year ago.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)