October 30, 2024--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Amid a deep decline in profits from the process of refining crude oil, Phillips 66 (NYSE:PSX) (Houston, Texas) on Tuesday reported a substantial drop in earnings during the third quarter.

Phillips 66 reported $346 million in earnings during the three-month period ending September 30, a stunning 65% decline from the previous quarter. Despite conflicts in the Middle East, crude oil prices are on the decline amid sluggish global demand.