Phillips 66 (NYSE: PSX) reported fourth-quarter and full-year results before markets opened this morning. For the quarter, the oil refiner posted adjusted diluted earnings per share (EPS) of $2.06 on revenues of $44.67 billion. In the same period a year ago, the company reported EPS of $0.08 on revenues of $50.45 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.68 EPS and $46.03 billion in revenues.

For the full year, Phillips 66 posted adjusted EPS of $8.46 on revenues of $182.92 billion, compared with EPS of $8.46 on revenues of $200.61 billion in 2011. The consensus estimate called for $7.95 EPS on revenues of $183.53 billion.

On a GAAP basis, the company posted fourth-quarter EPS of $1.11 and full-year EPS of $6.48.

The company’s CEO said:

The company’s solid financial performance in 2012 was underpinned by safe, reliable and efficient operations. Our differentiated portfolio allowed us to capture a number of market opportunities across the value chain resulting in significant cash generation and shareholder value creation.

The company’s adjusted refining and marketing division income totaled $916 million for the fourth quarter, not including a $564 million impairment charge on its investment in the Melaka refinery in Malaysia.

Phillips 66 did not provide guidance in its earnings release, but the consensus estimates for the first quarter are EPS of $1.44 on revenues of $38.77 billion. For the full year, the consensus estimate calls for EPS of $6.81 on revenues of $167.72 billion.

One interesting note in the announcement is related to the company’s export capacity for refined products. Phillips 66’s current export capacity is 285,000 barrels a day, which the company plans to expand by 20,000 barrels a day in the first quarter. By the end of the year, Phillips 66 expects its export capacity from the Gulf and West Coasts to total 370,000 barrels a day.

Today’s report is not as strong as it could be, even though it looks sharp at first glance. Revenues could have been better, and the consensus forecast for current quarter revenues is not so hot either.

Phillips 66’s shares are up about 1.5% in premarket trading at $60.80, a new 52-week high if it holds. The current 52-week range is $28.75 to $60.45, and the high was set yesterday. Thomson Reuters had a consensus analyst price target of around $64.40 before today’s report.

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