NYSE:PSXOil and Gas
Phillips 66 (PSX) Is Up 7.4% After Wartime-Driven Margin Surge and New Midstream Contracts - What's Changed
In the past few days, Phillips 66 reported that second-quarter adjusted earnings rose by almost triple year over year as refining margins roughly doubled amid wartime supply disruptions and tight global refining capacity, while the company advanced projects like the Western Gateway pipeline and continued paying down debt and returning cash to shareholders.
An interesting angle is that Western Gateway’s primarily 10-year take-or-pay contracts are intended to lock in more predictable midstream...