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Refining Margins Prove Why Warren Buffett Took a Stake in Phillips 66

Oil refiner Phillips 66 (NYSE: PSX) reported third-quarter 2015 earnings before markets opened Friday. The refining company reported adjusted diluted earnings per share (EPS) of $3.02, compared with EPS a year ago of $2.09. Quarterly revenues totaled $26.42 billion, compared with revenues of $41.05 billion in the third quarter of 2014. The consensus estimates called for EPS of $2.24 on revenues of $29.86 billion.

On a GAAP basis, Phillips 66 posted EPS of $2.90 on income of $1.58 billion. Adjusted net earnings totaled $1.65 billion. Refining contributed $1.05 billion to adjusted earnings, up from $604 million...