Does Western Gateway’s Extended Open Season Reshape the Midstream Cash Flow Story for Phillips 66 (PSX)?

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Kinder Morgan and Phillips 66 extended the open season for the Western Gateway refined products pipeline, aiming to secure long-term pipeline commitments to stabilize Phillips 66’s midstream cash flows. While this supports the company’s efforts to smooth out earnings beyond refining, refining margins and execution on turnarounds remain key near-term factors. Investors are awaiting the Q1 earnings webcast on April 29, 2026, for more details on how this project fits into Phillips 66’s strategy for stable cash flow.

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