The company’s adjusted earnings were $1.4bn, an increase of $617m from the first quarter of 2012.
Phillips 66 chairman and chief executive officer Greg Garland said the company achieved strong financial results in the first quarter by capturing favorable chemicals and refining margins.
"Operating excellence is our top priority, and in the first quarter we continued to improve upon our solid safety and environmental performance. We also are investing in the continued growth of our business," Garland added.
"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."
The company’s midstream segment, which includes results for Phillips 66’s transportation business, recorded earnings of $110m for the quarter of 2013, while the first-quarter earnings of equity investment in DCP Midstream were $56m, and adjusted earnings were $29m.
Transportation business, which includes pipelines, terminals, railcars, rail loading facilities and trucks, generated earnings of $45m in the first quarter.
Earnings for the company’s NGL operations were $9m during the quarter.
The company said its joint ventures within Chevron Phillips Chemical Company contributed $64m to Phillips 66’s pre-tax Chemicals earnings.
