RTTNews | Oct 30, 2020 08:34AM EDT

08:34 Friday, October 30, 2020 (RTTNews.com) - Phillips 66 (PSX), a diversified energy manufacturing and logistics company, reported that its third-quarter net loss was $799 million, compared to a net income of $712 million in the prior year.

Excluding special items of $798 million in the third quarter, primarily an impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, the company had an adjusted loss of $1 million, compared to adjusted net income of $1.40 billion in the previous year.

Adjusted loss per share was $0.01 compared to adjusted net income of $3.11 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude special items.

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