In quite a significant shift, Phillips 66 (NYSE:PSX) will begin concentrating more on its midstream activities as opposed to its more well known downstream refining business. Two key areas of focus will be liquified petroleum gas exports-think butane and propane-and NGL fractionation. It might encounter some significant competition from Enterprise Product Partners (NYSE:EPD) and Kinder Morgan (NYSE:KMI), but there could be plenty of business to go around.

Warren Buffett is a fan of Phillips 66, but what else can we learn?

This segment is from Tuesday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.