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PSX - Phillips 66 And The Unavoidable Margin Issue
Phillips 66
Source: The Street/Bloomberg
Investment Thesis
Houston, Texas-based Phillips 66 (PSX) is a large US refiner stock and it ought to be owned as a long-term investment in any savvy investor's portfolio, even if I am noticing some fundamental weaknesses rooted deeply in the company business model that I will try to explain in my article.
Phillips 66 is one of the world’s largest downstream oil corporations in this "refiners" segment. For the investors interested in this particular segment, I recommend following the VanEck Vectors Oil Refiners ETF (CRAK) which has outperformed