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Phillips 66 posted a break-even Q3 with a loss of a penny a share.
Midstream, chemicals, and M&S propped up the refining segment, which remains in a state of depression.
While the results show the benefits of management strategy to diversify away from refining, the company still burned $400 million in cash during the quarter.
The refining segment is in for a long, tough slog due to the pandemic. However, PSX looks very well-positioned and the dividend, at least for now, looks secure (yields 7.7%).