Key Takeaways Phillips 66 benefits from weak oil prices as lower WTI levels support its downstream refining economics.PSX earns stable, fee-based cash flow from midstream assets contracted to shippers regardless of utilization.PSX is expanding midstream and chemicals to add cash flow and strengthen its business model.Phillips 66 (PSX) is an integrated downstream player that refines crude oil into final products. It also transports and stores crude oil, natural gas, NGL and refined products through its pipel ...