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U.S. merchant refiner Phillips 66 (PSX) reported incredibly poor Q2 earnings last week that reflected the full impacts of the COVID-19 pandemic and its related lockdown orders during the quarter. Non-GAAP EPS plunged from $3.02 in Q2 2019 to -$0.74 in the latest quarter, as revenue fell by 61% over the same period. The Q2 2020 EPS result did top the consensus by $0.10, although that is unlikely to be much comfort to investors given Q2's usual earnings strength. The market responded by pushing Phillips 66 share price to $62, marking a substantial