Intrinsic value of Phillips 66 Partners - PSXP

Previous Close

$54.72

  Intrinsic Value

$11.80

stock screener

  Rating & Target

str. sell

-78%

Previous close

$54.72

 
Intrinsic value

$11.80

 
Up/down potential

-78%

 
Rating

str. sell

We calculate the intrinsic value of PSXP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.82
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  759
  819
  881
  946
  1,013
  1,083
  1,156
  1,232
  1,310
  1,392
  1,477
  1,566
  1,659
  1,755
  1,856
  1,961
  2,071
  2,186
  2,305
  2,431
  2,562
  2,699
  2,842
  2,993
  3,150
  3,315
  3,487
  3,668
  3,858
  4,057
  4,265
Variable operating expenses, $m
 
  324
  347
  371
  396
  422
  449
  477
  507
  537
  569
  584
  618
  654
  692
  731
  772
  814
  859
  906
  955
  1,006
  1,059
  1,115
  1,174
  1,235
  1,300
  1,367
  1,438
  1,512
  1,589
Fixed operating expenses, $m
 
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  199
  204
  209
  215
  220
  226
  231
  237
Total operating expenses, $m
  411
  440
  466
  493
  521
  550
  580
  611
  645
  678
  714
  732
  770
  810
  852
  895
  940
  986
  1,035
  1,087
  1,140
  1,196
  1,254
  1,314
  1,378
  1,444
  1,515
  1,587
  1,664
  1,743
  1,826
Operating income, $m
  348
  379
  416
  453
  493
  533
  576
  620
  666
  714
  764
  834
  889
  945
  1,005
  1,067
  1,131
  1,199
  1,270
  1,344
  1,422
  1,503
  1,589
  1,678
  1,772
  1,870
  1,973
  2,081
  2,195
  2,314
  2,439
EBITDA, $m
  444
  495
  538
  584
  631
  680
  731
  784
  839
  897
  957
  1,019
  1,085
  1,153
  1,224
  1,298
  1,376
  1,458
  1,543
  1,632
  1,725
  1,822
  1,925
  2,032
  2,144
  2,262
  2,385
  2,515
  2,651
  2,793
  2,943
Interest expense (income), $m
  40
  84
  91
  99
  106
  114
  122
  131
  140
  149
  158
  168
  179
  190
  201
  213
  225
  238
  251
  265
  280
  295
  311
  328
  346
  364
  384
  404
  425
  447
  470
Earnings before tax, $m
  410
  295
  324
  355
  386
  419
  453
  489
  526
  565
  605
  666
  710
  756
  804
  854
  906
  961
  1,019
  1,079
  1,142
  1,208
  1,277
  1,350
  1,426
  1,506
  1,590
  1,678
  1,770
  1,867
  1,968
Tax expense, $m
  2
  80
  88
  96
  104
  113
  122
  132
  142
  153
  163
  180
  192
  204
  217
  231
  245
  260
  275
  291
  308
  326
  345
  364
  385
  407
  429
  453
  478
  504
  531
Net income, $m
  408
  215
  237
  259
  282
  306
  331
  357
  384
  412
  442
  486
  518
  552
  587
  623
  662
  702
  744
  788
  834
  882
  932
  985
  1,041
  1,099
  1,160
  1,225
  1,292
  1,363
  1,437

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,109
  4,427
  4,764
  5,114
  5,478
  5,856
  6,249
  6,657
  7,083
  7,525
  7,986
  8,466
  8,966
  9,488
  10,033
  10,601
  11,194
  11,814
  12,462
  13,139
  13,848
  14,589
  15,364
  16,177
  17,027
  17,918
  18,851
  19,829
  20,854
  21,928
  23,054
Adjusted assets (=assets-cash), $m
  4,107
  4,427
  4,764
  5,114
  5,478
  5,856
  6,249
  6,657
  7,083
  7,525
  7,986
  8,466
  8,966
  9,488
  10,033
  10,601
  11,194
  11,814
  12,462
  13,139
  13,848
  14,589
  15,364
  16,177
  17,027
  17,918
  18,851
  19,829
  20,854
  21,928
  23,054
Revenue / Adjusted assets
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
Average production assets, $m
  2,556
  2,758
  2,968
  3,186
  3,413
  3,649
  3,893
  4,148
  4,413
  4,689
  4,976
  5,275
  5,587
  5,912
  6,251
  6,605
  6,975
  7,361
  7,765
  8,187
  8,628
  9,090
  9,573
  10,079
  10,609
  11,164
  11,746
  12,355
  12,994
  13,663
  14,365
Working capital, $m
  -11
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
Total debt, $m
  2,411
  2,608
  2,817
  3,033
  3,259
  3,493
  3,736
  3,989
  4,252
  4,526
  4,811
  5,109
  5,418
  5,741
  6,078
  6,430
  6,797
  7,181
  7,582
  8,001
  8,440
  8,898
  9,379
  9,881
  10,408
  10,959
  11,537
  12,142
  12,776
  13,441
  14,139
Total liabilities, $m
  2,543
  2,740
  2,949
  3,165
  3,391
  3,625
  3,868
  4,121
  4,384
  4,658
  4,943
  5,241
  5,550
  5,873
  6,210
  6,562
  6,929
  7,313
  7,714
  8,133
  8,572
  9,030
  9,511
  10,013
  10,540
  11,091
  11,669
  12,274
  12,908
  13,573
  14,271
Total equity, $m
  1,566
  1,687
  1,815
  1,948
  2,087
  2,231
  2,381
  2,536
  2,699
  2,867
  3,043
  3,226
  3,416
  3,615
  3,822
  4,039
  4,265
  4,501
  4,748
  5,006
  5,276
  5,558
  5,854
  6,163
  6,487
  6,827
  7,182
  7,555
  7,945
  8,355
  8,784
Total liabilities and equity, $m
  4,109
  4,427
  4,764
  5,113
  5,478
  5,856
  6,249
  6,657
  7,083
  7,525
  7,986
  8,467
  8,966
  9,488
  10,032
  10,601
  11,194
  11,814
  12,462
  13,139
  13,848
  14,588
  15,365
  16,176
  17,027
  17,918
  18,851
  19,829
  20,853
  21,928
  23,055
Debt-to-equity ratio
  1.540
  1.550
  1.550
  1.560
  1.560
  1.570
  1.570
  1.570
  1.580
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.590
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.600
  1.610
  1.610
  1.610
  1.610
  1.610
  1.610
Adjusted equity ratio
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  408
  215
  237
  259
  282
  306
  331
  357
  384
  412
  442
  486
  518
  552
  587
  623
  662
  702
  744
  788
  834
  882
  932
  985
  1,041
  1,099
  1,160
  1,225
  1,292
  1,363
  1,437
Depreciation, amort., depletion, $m
  96
  115
  123
  130
  138
  147
  155
  164
  173
  183
  193
  185
  196
  207
  219
  232
  245
  258
  272
  287
  303
  319
  336
  354
  372
  392
  412
  434
  456
  479
  504
Funds from operations, $m
  475
  331
  359
  389
  420
  453
  486
  521
  558
  595
  635
  671
  714
  759
  806
  855
  906
  960
  1,016
  1,075
  1,136
  1,201
  1,268
  1,339
  1,413
  1,491
  1,573
  1,658
  1,748
  1,842
  1,941
Change in working capital, $m
  -17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
Cash from operations, $m
  492
  331
  359
  389
  420
  452
  486
  521
  557
  595
  635
  671
  714
  759
  806
  855
  906
  960
  1,016
  1,075
  1,136
  1,200
  1,268
  1,339
  1,413
  1,490
  1,572
  1,658
  1,747
  1,841
  1,940
Maintenance CAPEX, $m
  0
  -90
  -97
  -104
  -112
  -120
  -128
  -137
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -219
  -232
  -245
  -258
  -272
  -287
  -303
  -319
  -336
  -354
  -372
  -392
  -412
  -434
  -456
  -479
New CAPEX, $m
  -584
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -299
  -312
  -325
  -339
  -354
  -370
  -386
  -404
  -422
  -441
  -462
  -483
  -506
  -530
  -555
  -581
  -609
  -639
  -669
  -702
Cash from investing activities, $m
  -1,558
  -292
  -307
  -322
  -339
  -356
  -373
  -392
  -411
  -431
  -452
  -474
  -497
  -521
  -546
  -573
  -602
  -631
  -662
  -694
  -728
  -765
  -802
  -842
  -884
  -927
  -973
  -1,021
  -1,073
  -1,125
  -1,181
Free cash flow, $m
  -1,066
  39
  53
  67
  82
  97
  113
  130
  147
  165
  183
  197
  217
  238
  259
  281
  305
  329
  354
  380
  407
  436
  466
  497
  529
  563
  599
  636
  675
  716
  759
Issuance/(repayment) of debt, $m
  1,022
  199
  209
  217
  225
  234
  243
  253
  263
  274
  285
  297
  310
  323
  337
  352
  367
  384
  401
  419
  439
  459
  480
  503
  526
  551
  578
  605
  634
  665
  697
Issuance/(repurchase) of shares, $m
  983
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,396
  199
  209
  217
  225
  234
  243
  253
  263
  274
  285
  297
  310
  323
  337
  352
  367
  384
  401
  419
  439
  459
  480
  503
  526
  551
  578
  605
  634
  665
  697
Total cash flow (excl. dividends), $m
  330
  238
  261
  284
  307
  331
  356
  383
  410
  439
  468
  494
  527
  561
  596
  633
  672
  712
  755
  799
  846
  895
  946
  999
  1,056
  1,115
  1,176
  1,241
  1,310
  1,381
  1,456
Retained Cash Flow (-), $m
  -122
  -121
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -247
  -258
  -270
  -282
  -296
  -309
  -324
  -339
  -356
  -373
  -390
  -409
  -429
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  117
  133
  150
  168
  187
  207
  227
  248
  270
  293
  312
  336
  362
  389
  417
  446
  476
  508
  541
  576
  612
  650
  690
  732
  775
  821
  869
  919
  972
  1,027
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  108
  111
  114
  114
  113
  109
  104
  97
  90
  81
  71
  63
  54
  45
  37
  30
  24
  19
  14
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Phillips 66 Partners LP (Phillips 66) owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company's assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.

FINANCIAL RATIOS  of  Phillips 66 Partners (PSXP)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 7.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow -65.1
Growth Rates
Sales Growth Rate 22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.4%
Cap. Spend. - 3 Yr. Gr. Rate 46%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 153%
Total Debt to Equity 154%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 21.6%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 21.8%
Return On Equity 27.1%
Return On Equity - 3 Yr. Avg. 42.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 71.9%
EBITDA Margin - 3 Yr. Avg. 62.5%
Operating Margin 45.8%
Oper. Margin - 3 Yr. Avg. 44.5%
Pre-Tax Margin 54%
Pre-Tax Margin - 3 Yr. Avg. 49.3%
Net Profit Margin 53.8%
Net Profit Margin - 3 Yr. Avg. 49.1%
Effective Tax Rate 0.5%
Eff/ Tax Rate - 3 Yr. Avg. 0.3%
Payout Ratio 92.6%

PSXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSXP stock intrinsic value calculation we used $759 million for the last fiscal year's total revenue generated by Phillips 66 Partners. The default revenue input number comes from 2016 income statement of Phillips 66 Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSXP stock valuation model: a) initial revenue growth rate of 7.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.8%, whose default value for PSXP is calculated based on our internal credit rating of Phillips 66 Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Phillips 66 Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSXP stock the variable cost ratio is equal to 39.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $113 million in the base year in the intrinsic value calculation for PSXP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Phillips 66 Partners.

Corporate tax rate of 27% is the nominal tax rate for Phillips 66 Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSXP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSXP are equal to 336.8%.

Life of production assets of 28.5 years is the average useful life of capital assets used in Phillips 66 Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSXP is equal to 0.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1566 million for Phillips 66 Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 121.299 million for Phillips 66 Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Phillips 66 Partners at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Here's How Phillips 66 Crushed It in 2017   [Jan-19-18 09:05AM  Motley Fool]
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▶ Stocks With Rising Relative Price Strength: Phillips 66   [03:00AM  Investor's Business Daily]
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▶ Correlation of Phillips 66 Stock with WTI   [Jan-04-18 07:30AM  Market Realist]
▶ How Phillips 66s Refining Yields Have Trended in 3Q17   [Jan-03-18 10:30AM  Market Realist]
▶ Phillips 66s Capex: Positioning for Growth   [07:30AM  Market Realist]
▶ Will Phillips 66s Cash Flow Improve?   [Jan-02-18 10:30AM  Market Realist]
▶ Is Phillips 66s Debt Position Improving?   [09:00AM  Market Realist]
▶ Whats the Forecast for Phillips 66 Stock for 1Q18?   [Dec-29-17 10:32AM  Market Realist]
▶ Phillips 66s Moving Averages in 4Q17   [07:36AM  Market Realist]
▶ Is Phillips 66 Stock Outperforming SPY in 4Q17?   [Dec-28-17 05:22PM  Market Realist]
▶ Here's why higher crude prices lie ahead: Oil analyst   [Dec-27-17 12:08PM  CNBC Videos]
▶ This oil analyst looks ahead to 2018   [Dec-26-17 04:38PM  CNBC Videos]
▶ Chevron Phillips finishes another part of $6B Gulf Coast petrochemical project   [Dec-21-17 02:00PM  American City Business Journals]
▶ Refining and Marketing Gainers: HFC, CVRR, PBF, INT, and PSX   [Dec-14-17 12:55PM  Market Realist]
▶ How Andeavors Valuations Compare to Its Peers   [Dec-12-17 10:30AM  Market Realist]
▶ 5 Energy Dividend Stocks You Can Buy Right Now   [Dec-11-17 08:45PM  Motley Fool]
▶ Phillips 66, Enbridge partner on Texas pipeline   [01:35PM  American City Business Journals]
▶ Why 2017 Was a Year to Remember for Phillips 66   [Dec-06-17 02:06PM  Motley Fool]
▶ 12 Best Dividend Stocks for the Next 12 Months   [Nov-29-17 02:50PM  InvestorPlace]
▶ This Top Warren Buffett Stock May Break Out Soon   [Nov-24-17 01:11PM  Investor's Business Daily]
▶ 3 Stocks for Warren Buffett Fans   [Nov-22-17 09:41PM  Motley Fool]
▶ Crude oil is overextended and won't go much higher: NYSE trader   [Nov-21-17 01:32PM  Yahoo Finance Video]
▶ How Do Refiners Valuations Stack Up?   [07:30AM  Market Realist]
▶ How Refining Stocks Performed in 4Q17   [Nov-17-17 10:30AM  Market Realist]
▶ Which Refiner Was in the Best Leverage Position in 3Q17?   [Nov-16-17 09:02AM  Market Realist]
▶ How MPC, VLO, ANDV, and PSX Fared in 3Q17   [Nov-15-17 04:45PM  Market Realist]
▶ Six Buffett Bets And Why You May Like Them Too   [Nov-06-17 03:24PM  Forbes]
▶ This Warren Buffett Stock Earns An IBD Rating Upgrade   [10:54AM  Investor's Business Daily]
▶ 3 High-Yield Stocks You Probably Missed   [Nov-04-17 06:31AM  Motley Fool]
▶ Whats in Store for Phillips 66 Stock after 3Q Earnings?   [Nov-03-17 07:31AM  Market Realist]
▶ How Analysts Reacted to PSXs 3Q Earnings   [10:32AM  Market Realist]
▶ How Phillips 66s Segments Performed in 3Q17   [07:33AM  Market Realist]
▶ What Led to Phillips 66s Better-than-Expected 3Q17 Earnings?   [Nov-01-17 05:12PM  Market Realist]
▶ Phillips 66 posts profit for Q3, cuts spending plans   [Oct-27-17 04:30PM  American City Business Journals]
▶ Data and Earnings Deluge   [10:42AM  Zacks]
▶ Phillips 66 tops 3Q profit forecasts   [07:19AM  Associated Press]
▶ Marriott, Phillips 66 & iShares MSCI-UK (EWU)   [Oct-26-17 01:32PM  CNBC Videos]
Financial statements of PSXP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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