Phillips 66

PSX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$785.00	Txlqnn	Wsghzxkc

Reducing Our Fair Value for Phillips 66 Slightly on Lower Refining Margins; Shares Still Undervalued

Allen Good

May 30, 2023

Business Strategy and Outlook

Phillips 66 remains the most diversified independent refiner with greater interests in marketing, chemical, and midstream assets than peers. While the performance of its refining segment will be the primary determinant of earnings in the near term, the midstream segment will increasingly be the value driver over time as Phillips 66 aims to grow its potential midcycle EBITDA by $3 billion to $13 billion by 2025.

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