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Phillips 66 (PSX) is an oil refiner and marketer that owns and operates fourteen refineries worldwide, including twelve in the U.S., comprising 10% of the country’s capacity. The company reports in three operating segments: midstream, chemicals, and refining.
While none of the refineries is gigantic - over 300,000 barrels per day, or BPD - they are located in every region of the country. This allows access to a wide variety of crude, including price-pressured U.S. inland and Canadian oil. Phillips 66’s feedstock crude is expected to remain oversupplied, and thus lower-cost, for at