Shares of refining, chemicals, and midstream giant Phillips 66 (NYSE: PSX) were rallying today, up as much as 5.1%, before settling into a 3.1% gain as of 2:18 p.m. ET.

Phillips reported third-quarter earnings, which, while declining quarter over quarter, still came in ahead of analyst expectations.

Third-quarter non-GAAP (adjusted) earnings per share came in at $6.46 for Phillips, well ahead of the $5.03 anticipated by Wall Street analysts. CEO Mark Lashier said in a statement, "Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture."

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Source Fool.com