Phillips 66 (PSX) and Kinder Morgan Advance Western Gateway Pipeline Project

Phillips 66 (NYSE:PSX) is one of the 10 Stocks to Buy on a Pullback.

On April 20, 2026, Phillips 66 (NYSE:PSX) and Kinder Morgan announced progress on the Western Gateway Pipeline after a successful second open season secured sufficient long-term shipper commitments to advance the project, pending final agreements and board approvals. The proposed system will link Midwest and Gulf Coast refinery supply to Phoenix, Arizona, and California markets, with additional connectivity to Las Vegas via Kinder Morgan’s CALNEV Pipeline. The project includes a new pipeline from Borger, Texas, to Phoenix, along with the reversal of Kinder Morgan’s existing SFPP pipeline to enable east-to-west product flows into California. The Gold Pipeline, currently running from Borger to St. Louis, will also be reversed to support supply into the system. The project is targeting an in-service date of mid-2029.

Phillips 66 (PSX) and Kinder Morgan Advance Western Gateway Pipeline Project

Pixabay/Public Domain

Earlier in April, Piper Sandler raised its price target on Phillips 66 to $177 from $168 while maintaining a Neutral rating, reflecting updated estimates based on recent trading trends, commodity pricing, and operating assumptions. The firm continues to see earnings tailwinds into 2026 and remains constructive on the broader refining outlook.

Similarly, Barclays raised its price target on Phillips 66 to $177 from $158 and kept an Equal Weight rating, citing benefits from commodity price tailwinds and what it views as a structurally higher valuation for the company’s energy infrastructure assets.

Phillips 66 (NYSE:PSX) operates as a diversified downstream energy company with refining, midstream, and marketing operations globally.

While we acknowledge the risk and potential of PSX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PSX and that has 10,000% upside potential, check out our report about the cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.