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PSXP - Phillips 66 Partners: No Worries The Distribution Can Survive The Dakota Access Drama
Phillips 66 Partners LP representing limited partner interest in the Partnership
Introduction
When news regarding the court ruling against the Dakota Access Pipeline came out last week, the unit price of Phillips 66 Partners (PSXP) fell around 17% in a single trading session. Despite staging a slight recovery in the following trading sessions, this has still pushed their already high distribution yield towards a very high 11%. Whilst this is undoubtedly an unfavorable development, they retain ample financial strength to navigate this latest drama and thus sustain their highly desirable distributions.