Phillips 66 (NYSE:PSX) shares are trading higher on Wednesday after the company delivered a strong fourth-quarter performance, surpassing Wall Street forecasts.

Earnings Snapshot

The integrated energy company reported adjusted earnings of $2.47 per share, comfortably topping the consensus estimate of $2.16 per share.

GAAP earnings were $2.9 billion, or $7.17 per share, in the quarter.

Earnings include a $239 million pre-tax charge tied to accelerated depreciation at the Los Angeles Refinery.

Quarterly revenue reached $36.3 billion, coming above the consensus of $32.06 billion.

The company generated $2.8 billion in net operating cash flow and $2.0 billion excluding working capital.

Refining utilization climbed to 99%, and clean product yield reached 88%.

As of December ...