The Value Of Phillips 66's Midstream Assets Shine Bright In 2024

Gary Yeowell Thesis I first started covering Phillips 66 (NYSE:PSX) in March of 2023. In that original analysis, and in my comparison with Valero (VLO), I highlighted that PSX's midstream assets are a coat of armor for investors by providing what has proved to be an earnings floor when crack spreads declined. Refinery margins have fallen over 50% since Q1 of 2023. As a result, the consistent performance of the midstream segment now contributes over 45% of the company's earnings. The refining segment is  ...