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PSXP - Phillips 66: 'It's A Long Way To Tipperary'
Phillips 66 Partners LP representing limited partner interest in the Partnership
Source: Fortune
Note: The title is first line of a music hall song popular with British soldiers during the First World War. Tipperary is a town in southern Ireland, and the singer, an Irishman, wants to return there to see "the sweetest girl I know". It is still used as a marching song. It is an analogy about the difficult way ahead for the refining industry.
Investment Thesis
Houston, Texas-based Phillips 66 (PSX) released its second-quarter results on July 31, 2020, the same day as its rival Valero Energy (VLO) that I covered