It's not very often a company beats earnings estimates by more than 20% and still sees its shares slide by the end of the day, but that's exactly what happened when Phillips 66 (NYSE:PSX) posted earnings on Jan. 29th. While some have pointed to a couple of disappointing numbers -- net income was lower than this time last year, and revenue slid slightly -- those who follow the refining space would have seen these things coming from a mile away.
What really capped the wackiness of the day was that Marathon Petroleum (NYSE:MPC) posted very similar results, with a strong earnings beat despite lower net income year over year, yet the company saw shares climb more than 4%.
So what should you take away from Phillips 66's earnings release? Tune in to the following video to see some of the more promising signs in Phillips 66's earnings and what could be a big catalyst for it in the future.