Phillips 66 Strategy Is Compelling, but Shares Look Overvalued
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 $4 billion (initially $3 billion) to $14 billion by 2025.