Wires

Refiner Phillips 66 quarterly profit slumps 70%

Jan 31 (Reuters) - U.S. refiner Phillips 66 reported a 70% plunge in quarterly profit on Friday, hit by lower margins and higher turnaround activity.

Adjusted earnings fell to $689 million, or $1.54 per share, in the fourth quarter ended Dec. 31, from $2.26 billion or $4.87 per share, a year earlier. (Reporting by Shradha Singh in Bengaluru; Editing by Amy Caren Daniel)