Phillips 66 (PSX)

[benfrankledger]

Based on 2017 earnings, Phillips 66 trades at 30 times trailing earnings. That, however, is primarily due to low refining margins. The company's average price-to-earnings over the course of its life is just over ten times trailing earnings. This is due to good better refining margins in previous times, and so, it would not be accurate to call Phillips 66 "expensive" - at least not for that reason.