Topic: How To Invest

Spinoffs, Takeovers & Special Situations Hotline – Friday, September 29, 2017

Article Excerpt

PHILLIPS 66, $91.61, New York symbol PSX, is a Houston-based downstream energy company comprised of four units. The Refining division owns or has a stake in 14 refineries, with a net crude oil capacity of 2.2 million barrels per day. The Marketing and Specialties segment includes wholesale and retail fuel marketing and power generation businesses. The Midstream unit holds a 50% interest in DCP Midstream, one of the biggest natural gas gatherers and processors in the U.S. The Chemicals division consists of a 50% stake in Chevron Phillips Chemical, a top producer of olefins and polyolefins. Phillips 66 was spun off by ConocoPhillips (symbol COP on New York) in April 2012. Since then, the shares have moved up about 148%. In late August 2017, Hurricane Harvey became the first major hurricane to make landfall in the U.S. since Wilma in 2005. Harvey inundated the greater Houston area, but along with Hurricane Irma, it also cut gasoline supplies across the southern U.S. Those shortages drove…