Key Takeaways Phillips 66's (PSX) refining system benefits from a flexible crude slate that enables the company to process a wide range of light, medium and heavy crude grades. Its refineries hold a peer-leading position in bottoms upgrading capacity, supporting greater use of medium and heavy barrels while retaining the flexibility to shift toward lighter crude when economics favor that mix. This flexibility gives PSX more options to capture favorable feedstock discounts across changing crude markets. The ...