Phillips 66 Increases Shareholder Returns as Debt Continues to Fall

While primarily an independent refiner, Phillips 66 also holds interests in marketing, chemical, and midstream assets that boast higher historical returns, add earnings stability, and differentiate the firm from its peers. The performance of its refining segment will largely determine Phillips 66's near-term fate. Over time, however, heavy investment in the midstream and chemical segments will increase those segments' importance.