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PSXP - This High-Yield Stock's Strategy Keeps Paying Dividends
Phillips 66 Partners LP representing limited partner interest in the Partnership
Phillips 66 Partners(NYSE: PSXP) has shifted its strategy over the past few years from acquiring assets from its parent Phillips 66(NYSE: PSX) to developing organic expansion projects. That pivot is paying off, which was evident in the company's fourth-quarter results. Those numbers put the company's 6%-yielding payout on a rock-solid foundation. Meanwhile, with more growth coming down the pipeline, that payout appears poised to continue growing.