How New Permian Midstream Projects Will Impact Phillips 66 (PSX) Investors

Simply Wall St.05-21

Earlier this month, Phillips 66 said it will proceed with the Zeus Gas Plant in the Permian Basin and a third Coastal Bend Fractionator in Texas, both slated to start operations in 2028 within its US$...

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These projects deepen Phillips 66’s integrated wellhead‑to‑market infrastructure, linking Permian gas processing and Gulf Coast NGL fractionation in a way that could reshape the balance of its earnings mix over time. We’ll now examine how committing to the Zeus Gas Plant and Midland Express Pipeline may influence Phillips 66’s midstream‑focused investment narrative. Find 51 companies with promising cash flow potential yet trading below their fair value.AdvertisementPhillips 66 Investment Narrative RecapTo own Phillips 66, you need to believe its shift toward more fee based Midstream and NGL infrastructure can support earnings through refining and renewable fuel swings. The Zeus Gas Plant and Coastal Bend Fractionator fit this narrative, but they do not change that near term results still hinge on refining margins and execution on turnaround programs, which remain the key catalyst and risk in the story. Among recent developments, the appointment of Greg Hayes as lead independent director and Doug Terreson as Audit and Finance Committee chair stands out. For an investment case that leans heavily on disciplined Midstream spending and capital returns, refreshed board oversight sits alongside projects like Zeus and the Midland Express Pipeline as another factor that could influence how Phillips 66 manages risk and allocates cash. Yet, while Midstream growth sounds reassuring, investors should be aware that any disruption to these fee based assets could... Read the full narrative on Phillips 66 (it's free!)Phillips 66's narrative projects $150.9 billion revenue and $7.2 billion earnings by 2029. This requires 4.5% yearly revenue growth and a $2.8 billion earnings increase from $4.4 billion today.Uncover how Phillips 66's forecasts yield a $180.95 fair value, in line with its current price.Exploring Other PerspectivesPSX 1-Year Stock Price Chart Some of the most optimistic analysts were already modeling revenue of about US$171.4 billion and earnings near US$8.6 billion by 2029, so this latest Midstream build out could either support that ambitious Midstream growth thesis or expose how much depends on continued Permian volumes and NGL demand, reminding you that reasonable views on Phillips 66 can diverge sharply.Explore 4 other fair value estimates on Phillips 66 - why the stock might be worth over 2x more than the current price!Form Your Own VerdictDisagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.A great starting point for your Phillips 66 research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.Our free Phillips 66 research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Phillips 66's overall financial health at a glance.Interested In Other Possibilities?Early movers are already taking notice. See the stocks they're targeting before they've flown the coop:Uncover the next big thing with 27 elite penny stocks that balance risk and reward.Invest in the nuclear renaissance through our list of 88 elite nuclear energy infrastructure plays powering the global AI revolution.The latest GPUs need a type of rare earth metal called Neodymium and there are only 28 companies in the world exploring or producing it. Find the list for free.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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