Since spinning off from ConocoPhillips, Phillips 66 has been nothing short of spectacular. The company is up 40% since April's split, and this past quarter gave us a glimpse inside of this refiner's impressive run. Although adjusted earnings per share of $2.97 shattered analyst estimates, the more important number is the company's 21% return on capital employed. Refining margins continue to increase, especially in the mid-con and Atlantic Basin, due to greater access of WTI-indexed crude from Canada and Williston Basin. Phillips 66 now receives 61% of its feedstock from this cheaper source, and the future looks bright.  More production, in addition to more takeaway capacity, is expected to come online in the near future, with Enbridge, Enterprise Product Partners, and TransCanada trying to release the crude bottlenecks in the Bakken and Cushing.

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