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DCP - This Oil Company Is Doing What It Can to Support Its 5.4%-Yielding Dividend
DCP Midstream LP
Demand for refined petroleum products like gasoline and diesel have plunged because of the COVID-19 outbreak. That's having a significant impact on oil refiners like Phillips 66(NYSE: PSX), which lost money refining oil during the first quarter.
However, thanks to its overall diversification, and strong financial profile, Phillips 66 believes it can continue paying its dividend, which currently yields 5.4%. Here's a look at why the oil company can maintain its lucrative payout.