Pipelines, The Marcellus Effect; PSX Reports Nice Earnings

Earnings due out today: CHK, EPD, XOM, MPC, WPX. See sidebar at right for link. WPX: big loss due to derivatives; huge production gain in the Bakken; will hold leases by production;


RBN Energy: continuation of the pipeline series, the Marcellus effect -- WMB projects

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Link here to Bloomberg.

Phillips 66 (PSX), which became the largest U.S. independent refiner after its spinoff from ConocoPhillips (COP) earlier this year, said third-quarter profit rose 52 percent as the margin between oil costs and fuel prices widened.

Net income rose to $1.6 billion, or $2.51 a share, from $1.05 billion, or $1.65, a year earlier, Houston-based Phillips 66 said today in a statement. Profit excluding asset writedowns, early debt payoffs and other one-time items was $2.97 a share, 61 cents more than the average of 15 analysts’ estimates compiled by Bloomberg. Adjusted profit in the company’s chemicals business rose 42 percent to $275 million.

Shatters estimates: SeekingAlpha.com.

Earlier, COP also blew away estimates.

I do believe COP/PSX is one of Warren's larger holdings.