Phillips 66

PSX

Market cap $63.8B

HOUSTON--(BUSINESS WIRE)--Mark Lashier, chairman and CEO of Phillips 66, will participate in a fireside chat at the Morgan Stanley Energy & Power Conference.

Phillips 66 remains a buy, supported by refining modernization, midstream growth, and favorable crack spreads amid heightened geopolitical risk. PSX benefits from sourcing Venezuelan crude and widening crack spreads, with near-term margins above the long-term $25 norm. Refining utilization and operating cost reductions structurally enhance margins, while midstream EBITDA targets of $4.5B by 2027 appear attainable.

PSX's diversified model may outshine CVE as soft oil prices pressure upstream earnings and reshape energy investment appeal.

Phillips 66 stands to gain as the EIA predicts falling crude prices through 2027, while its expanding midstream arm generates steady, fee-based cash flows.

U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron , according to sources familiar with the efforts.

Marathon Petroleum (NYSE: MPC) and Phillips 66 (NYSE: PSX) just reported fourth-quarter earnings that underscore why refiners are riding the energy sector's extraordinary run.

Phillips 66 PSX is trading at a trailing 12-month EV/EBITDA multiple of 13.25x, which is higher than the broader industry average of 5.13x. Valero Energy Corporation VLO and Par Pacific Holdings, Inc. PARR, two other refiners, are valued at 7.87x and 5.06x, respectively.

A glut of oil has sent the price of unrefined crude lower. Increased manufacturing and air travel are driving demand for refined fuels higher.

PSX could ride softer WTI prices as rising global inventories pressure crude, potentially boosting refining margins in 2026.

HOUSTON--(BUSINESS WIRE)--The board of directors of Phillips 66 has declared a quarterly dividend of $1.27 per share on Phillips 66 common stock, representing a $0.07 increase.