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Phillips misses 3Q mark
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October 26, 2000: 9:37 a.m. ET
Oil company's earnings more than double but fall short of estimates
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NEW YORK (CNNfn) - Rising crude oil and gasoline prices helped Phillips Petroleum Corp. more than double its third-quarter profit, but the company still narrowly missed Wall Street's earnings expectations Thursday because of weaker results from its downstream refining business.
The Bartlesville, Okla.-based company earned $515 million, or $2.02 per share, before special items during the quarter. That marked a significant improvement from the $202 million, or 80 cents per share, it earned a year earlier but fell just short of the $2.04 per share analysts polled by research firm First Call Corp. anticipated.
The company said profits from its refining, marketing and transportation division decreased slightly during the quarter because of its decision to shut down three major refineries for a short period to install new equipment. Those shutdowns shaved at least $30 million off the company's bottom line, Phillips said.
The company also said it expects "difficult market conditions" for the chemical industry through 2001. However, Phillips said it should start realizing efficiencies from its recent chemical joint venture with Chevron Corp. (CHV: Research, Estimates) during the fourth quarter this year and generate $150 million in cost savings by the end of 2001.
Phillips (P: Research, Estimates) shares lost 62 cents to close at $62.69 in Wednesday trading. 
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