The casual observer may conclude from Buffett’s continued buying of Phillips 66 (NYSE:PSX) he is bullish on oil, but that’s not necessarily the case.
Phillips 66 is primarily a refiner with 14 facilities. Together these produce in excess of 2 million barrels every day. In addition the company owns a chemical joint venture, CPChem, 60-plus natural gas processing facilities and 62,000 miles of pipeline.
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