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By Bloomberg

Phillips 66, the largest U.S. refiner by market value, beat analysts’ estimates as its profit from processing oil into gasoline and other fuels was the most in two years.

Net income fell to $987 million, or $1.79 a share, from $1.57 billion, or $2.67 a year earlier, the Houston-based company said in a statement Thursday. Excluding one-time items, per-share profit was 8 cents more than the $1.43 average of 17 analysts’ estimates compiled by Bloomberg.

U.S. refiners have enjoyed a windfall since the price of crude fell, benefiting from a 50 percent drop in oil prices from a year earlier.

“Refining market conditions helped us realize the best margins we’ve had over the last two years,” Chief Executive Officer Greg Garland said in the statement.

The company’s marketing unit, which sells gasoline, diesel and aviation fuel through retail filling stations, reported earnings of $194 million from $137 million a year earlier.

The results were released before the start of regular trading on U.S. markets. Phillips 66, which has 15 buy, five hold and one sell recommendation from analysts, has risen 13 percent this year to $81 through yesterday in New York trading.

Phillips 66 was spun off from ConocoPhillips in 2012. Its shares have more than doubled since the companies separated.

Refining profit, the largest share of Phillips 66’s business, rose to $495 million from $306 million a year earlier. Profit at its midstream unit fell to $67 million from $188 million. Last month Clayton Reaser, a Phillips 66 vice president, said the company disagreed with Spectra Energy Corp. over pumping cash into a pipeline and processing partnership the companies co-own.

The venture, DCP Midstream LLC, was downgraded by Moody’s Investors Services in March as cash flow diminished and prospects for debt reduction weakened, the ratings agency said. DCP, which controls publicly traded DCP Midstream Partners LP, owns about 67,500 miles (108,000 kilometers) of pipelines.