Morningstar

Morningstar, Inc.

Equity Bottom-Up

Phillips 66 reported first-quarter adjusted earnings that fell to $187 million from $512 million a year ago as a weak refining market environment weighed on earnings. The refining segment posted a $219 million loss for the quarter compared with $110 million of adjusted earnings last year on a combination of narrower crude spreads, weak product margins, and downtime from planned and unplanned maintenance. The company's other segments fared slightly better. Chemical adjusted earnings fell to $227…

While primarily an independent refiner, Phillips 66 also holds interests in marketing, chemical, and midstream assets that boast higher historical returns, add earnings stability, and differentiate the company from its peers. The performance of its refining segment will largely determine Phillips 66's near-term fate. In the longer term, however, heavy investment in the midstream and chemical segments will increase those segments' importance while reducing that of refining.As it stands, we view…

United States

Phillips 66 is a downstream energy company.  The Company's operations include oil refining, marketing and transportation.  Phillips 66's operations also include chemical manufacturing and power generation.

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