ENB - Phillips 66: Reloading The Growth Pipeline In 2019
Phillips 66 (PSX) announced its 2019 capital budget Friday, and it was a bit of a surprise (at least for me). As most of you know, a primary investment thesis for PSX was its transition from relatively high cap-ex over the past few years to an era of free cash flow generation after those growth projects went online during 2016-18. The new pipeline and chemicals operations are now in service and throwing off significant cash flow. But rather than resting on its laurels, it is clear that PSX's management wants to continue its