HOUSTON (AP) — In a story Aug. 1 about second-quarter net income for Phillips 66, The Associated Press reported erroneously that the company earned an average of $12.56 per barrel on gasoline and other petroleum products. The correct figure is net income of $4.37 per barrel.

A corrected version of the story is below:

Phillips 66 2Q profits jump 14pct

Strong refining, chemicals business boost Phillips 66 profits 14 percent in 2Q

HOUSTON (AP) — Phillips 66 said Wednesday that net income rose 13.7 percent in the second quarter as its refineries and chemical plants generated stronger profit margins.

The Houston refining and pipeline company, which split from ConocoPhillips in May, owns 15 refineries in the U.S., Europe and Malaysia.

It said it generated higher profits per barrel in the period as crude prices dropped. Worldwide, the company's refining and marketing segment had net income of $4.37 per barrel on gasoline and other petroleum products. That compares with $2.61 per barrel in the same period last year.

Revenues declined, however, as the company cut back on production by 6.6 percent.

Phillips 66 reported net income of $1.18 billion, or $1.86 per share, in the April-June period, up from $1.04 billion, or $1.64 per share, a year earlier. Excluding asset sales, impairments and other special items, Phillips 66 said it earned $2.23 per share.

Revenue fell by 10.5 percent to $47.8 billion.

In the second quarter, Phillips 66's refining and marketing business increased profits 53 percent and its chemicals business increased profits by 8.9 percent. The company's pipelines business posted a loss of $91 million as it booked an impairment charge related to its Rockies Express Pipeline business.

Shares rose 81 cents, or 2.1 percent, to $38.41 in midday trading after trading as high as $40.18 earlier in the session, its highest since becoming a public company.