Key Takeaways Phillips 66 may offer greater stability across cycles due to its diversified business mix.VLO benefits from flexibility at its refineries that can shift product yields based on market conditions.PSX trades at a higher EV/EBITDA, reflecting investor preference for diversification & stable cash flows.Valero Energy Corporation (VLO) and Phillips 66 (PSX) are two well-known names in the refining space, with each company having a diversified network of refineries that can process a wide variety of ...