PSXP - Philips 66 Partners LP: Managing This Winning Position Involves Difficult Decisions

This article is timely for multiple reasons. To start, the Master Limited Partnership ("MLP") will be releasing earnings next week and just announced another distribution increase. For the second item, the stock's activity during the last 12 months warrants decision marking. We need to evaluate a significant restructuring of the company as well as managing the 30%-40% capital gains that have occurred over that time. Managing winners is no less critical to long-term success as cutting losers. For transparency and context's sake, let's revisit our initial Philips 66 Partners LP (PSXP) article