The largest U.S. refiner by market value, Phillips 66 enjoyed the industry’s highest profits in 2017. Annual earnings climbed well over 200% from the previous year on revenues of $91.5 billion. Nonetheless, one of the company’s longtime champions Warren Buffett, sold a large share of stock (Phillips acquired it in a buy-back but only to avoid regulatory burdens). But Buffett is still a fan of Phillips, calling it “a great company with a diversified downstream portfolio and a strong management team.”
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