Phillips 66 joins rival refiners with sharp quarterly profit drop

Aug 2 (Reuters) - Phillips 66 reported a sharp fall in second-quarter profit on Wednesday, the latest U.S. refiner to bear the brunt of a decline in margins from last year's sky-high levels when Russia's invasion of Ukraine squeezed fuel supplies.

The Houston-based refiner reported earnings of $1.7 billion, or $3.72 per share, for the three months ended June 30, compared with $3.2 billion, or $6.53 per share, in the year-ago quarter.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)