Phillips 66 (PSX) Agrees to Acquire Lindsey Oil Refinery in England

Phillips 66 (NYSE:PSX) is included among the 10 High Yield Crude Oil Stocks to Buy After Trump's Blitz in Venezuela.

Phillips 66 (NYSE:PSX) is a leading integrated downstream energy provider that is engaged in refining, transporting, and marketing fuels.

Phillips 66 (NYSE:PSX) announced on January 5 that it had agreed to acquire the assets and infrastructure of Lindsey Oil Refinery in northern England, expanding the company’s footprint in the UK. While the financial terms of the deal were not disclosed, Phillips 66 revealed that it does not plan to restart standalone operations at the refinery and instead aims to integrate its assets into the company’s Humber Refinery complex in North Lincolnshire.

Paul Fursey, UK lead executive of Phillips 66 (NYSE:PSX), stated:

“Agreeing to acquire Lindsey Oil Refinery assets and associated infrastructure marks an important step for Phillips 66 Limited as we continue to invest in the UK’s energy security.”

Phillips 66 (NYSE:PSX) is positioned to benefit from the situation in Venezuela as its refineries are specifically designed to process heavy sour grade crude like that from the South American country. According to the company’s CFO, Kevin Mitchell, Phillips 66 has the capacity to process a couple of hundred thousand barrels per day of cheaper Venezuelan crude at its Sweeny and Lake Charles refineries.

With a robust annual dividend yield of 3.46% as of the writing of this piece, Phillips 66 (NYSE:PSX) was recently included in our list of the Best Energy Stocks to Buy for a Retirement Stock Portfolio.

While we acknowledge the potential of PSX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.