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Trade PHILIPS 66

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    1. Through Berkshire Hathaway, Buffett owns 45.7 million shares of Phillips 66, or 9.8% of the company, which he has called "a great company with a diversified downstream portfolio and a strong management team."2. Phillips 66 is growing fast. Net income rose from $1.6 billion in 2016 to $5.2 billion in 2017. Partly a result of corporate tax changes, but even if we strip out the corporate line, net income rose by 44.7%.
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Phillips 66 is an American multinational energy company founded in 1917. It currently trades in the NYSE with the ticker PSX (since 2012) and it is a component of the S&P 500 index. The company is engaged in producing natural gas liquids (NGL) and petrochemicals. Phillips 66 is ranked No. 23 on the Fortune 500 list and No. 67 on the Fortune Global 500 list as of 2018. That growth was achieved partly due to acquisitions such as the joint venture with Chevron Corporation's chemicals and plastics division in 2000. It also acquired ARCO Alaska Inc. from British Petroleum and it purchased Tosco, which included Circle K convenience stores and Union 76 gasoline, in 2001. In 2002, Phillips 66 merged with Conoco to form ConocoPhillips. The merged company continued marketing gasoline and other products under the Phillips 66, Conoco, and 76 brands.

1. One thing that's less attractive is the company's dividend, which spent much of 2017 above 3%. Thanks to recent share price appreciation, though. that dividend has shrunk to just 2. 5% today. That's not a bad thing for existing shareholders, but it's cold comfort for those looking to buy in now. 2. While it seems likely that the company's midstream segment will continue to outperform in the short term as long as oil prices stay high, sustained high oil prices may cause problems for the company's refining segment. While the company has a fair shot at medium-term outperformance as its various projects come online, the energy markets may not cooperate, so it's not a slam dunk investment anymore.