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. Yet 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—even as he spoke highly of the refiner, calling it “a great company with a diversified downstream portfolio and a strong management team.”
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