Phillips 66 reports strong Q1 earnings

Phillips 66 announced this week that the company's earnings for the first fiscal quarter have more than doubled this year amid the persistently low prices of U.S. shale oil and natural gas.

The company's first quarter earnings jumped from $636 million last year to $1.4 billion this year, according to the report. Phillips 66 Chairman and CEO Greg Garland said this strong growth resulted from favorable refining and chemical margins.

"We also are investing in the continued growth of our business. Our plans for a new natural gas liquids fractionator on the Gulf Coast reinforce our commitment to the American energy landscape and highlight our unique opportunities across the downstream value chain," Garland said.

The company has stakes in 15 refineries. It also operates other businesses including Chevron Phillips and DCP Midstream.

Phillips 66 is one of the companies that support and implement workplace diversity initiatives. As a member of DiversityWorking, Phillips 66 ensures that its employees in all its facilities enjoy equal benefits and privileges in the workplace. Find out more about what Phillips 66 is doing to tout workplace diversity and inclusion by clicking through this link.