After its spin-off from Conoco Phillips (COP) back in 2012, Phillips 66 (PSX) embarked on a strategic plan to invest more in its integrated midstream and chemicals businesses as compared to its refining segment. The goal was to diversify operations and become less reliant on the cyclical refining business. As a result, the company formed a midstream MLP (Phillips 66 Partners (PSXP)), built multiple large-scale pipelines projects, built the Freeport LPG export terminal, and invested in multiple world class chemicals projects on the Gulf Coast with its partner