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ConocoPhillips separated Phillips 66 from its exploration arm in 2012, and the Houston-based refining unit saw a 4.9% drop in revenue in its first full-year of results as a standalone entity. A dip in average prices for crude oil and petroleum products hurt the company’s bottom line, but Phillips 66 said it would look to grow by increasing capital expenditures by 40% in 2014. So far, the company has expanded its presence in the specialty lubricants market through the acquisition of Memphis-based Spectrum.

Key Financials

$ Millions% change