Phillips 66's Integrated Model Boosts Profitability Amid Falling Crude Prices

Phillips 66 (PSX) is expected to benefit from lower crude prices, which will enhance refining margins and profitability. The company's diversified business model across midstream, chemicals, and renewables provides earnings and cash flow stability. PSX is pursuing a strategy of divesting non-core assets to fund shareholder returns, reduce debt, and pursue growth opportunities. Valero Energy Corporation (VLO) and Par Pacific Holdings (PARR) are other leading refiners with diversified refinery footprints. PSX's shares have gained 14.3% over the past six months, but its trailing 12-month enterprise-value-to-EBITDA is above the industry average.